Partial balance sheet data for Flat Top Company at December 31, 2016, are as fol
ID: 2544240 • Letter: P
Question
Partial balance sheet data for Flat Top Company at December 31, 2016, are as follows:
Prepare the Current Assets section of Flat Top Company’s balance sheet at December 31, 2016. Refer to the Labels and Accounts list provided for the exact wording of the answer choices for text entries.
Labels to use:
Finished goods inventory $ 40,250 Prepaid insurance 27,500 Accounts receivable 105,000 Work in process inventory 157,500 Supplies 71,300 Materials inventory 87,500 Cash 112,000 Prepare the Current Assets section of Flat Top Company's balance sheet at December 31, 2016. Refer to the Labels and Accounts list provided for the exact wording of the answer choices for text entries Flat Top Company December 31, 2016 1 Label) 4 Label) 10 Total current assetsExplanation / Answer
Prepare current assets section :
Current assets Cash 112000 Account receivable 105000 Supplies 71300 Inventories Finished goods 40250 Work in process 157500 Materials 87500 285250 Prepaid insurance 27500 Total current assets 601050