Presented below are selected accounts of Pronghorn Company at December 31, 2017.

Question

Presented below are selected accounts of Pronghorn Company at December 31, 2017.

The following additional information is available.

Prepare the current assets section of Pronghorn Company’s December 31, 2017, balance sheet, with appropriate disclosures.

Inventory (finished goods) $ 58,600 Cost of Goods Sold $2,114,500 Unearned Service Revenue 99,700 Notes Receivable 37,200 Equipment 258,900 Accounts Receivable 148,890 Inventory (work in process) 39,700 Inventory (raw materials) 176,530 Cash (not including restricted cash) 46,500 Supplies Expense 62,000 Debt Investments (trading) 31,900 Allowance for Doubtful Accounts 12,080 Customer Advances 48,600 Licenses 18,610 Restricted Cash for Plant Expansion 52,300 Additional Paid-in Capital 83,660 Treasury Stock 23,190

Explanation / Answer

Accounts receivable (of which $47,600 is pledged as collateral on abank loan)

Pronghorn company's Balance sheet (Extract) Current assets Cash 98,800 Less: Cash Restricted for Plant Expansion (52300) 46,500 Equity Investments (Short-term) 28,930

Accounts receivable (of which $47,600 is pledged as collateral on abank loan)

148,890 Less: Allowance for Doubtful Accounts 12,080 136810 Interest receivable [($37,200 * 6.00%) × 8/12] 1488 Inventories at lower-of-cost-(determined using LIFO)-or-market Finished Goods 58,600 Work in Process 39,700 Raw Materials 176,530 274,830 Total current assets $ 488,558

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