Partial balance sheet data for Flat Top Company at December 31, 2016, are as fol
ID: 2556978 • 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 and Accounts
Balance Sheet
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
Balance Sheet
December 31, 2016
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Total current assets
Finished goods inventory $39,000 Prepaid insurance 26,250 Accounts receivable 104,500 Work in process inventory 156,500 Supplies 70,100 Materials inventory 89,750 Cash 119,000Explanation / Answer
Current Assets section of Flat Top Company’s balance sheet at December 31, 2016
Inventories $ 39000 Prepaid insurance $ 26250 Accounts receivable $ 104500 Work in process $ 156500 Supplies $ 70100 Materials $ 89750 cash $ 119000 total current asset $ 605100