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KIM [24]
2 years ago
9

A partial list of Waterways' accounts and their balances for the month of November 2016 follows:

Business
1 answer:
lesya [120]2 years ago
4 0

Answer:

Total current assets = $697,750

Explanation:

The partial balance sheet is as follows:

Waterways Corporation

Balance Sheet (Partial)

For the month of November 2016

<u>Details                                                                $                         $          </u>

<u>Current Assets</u>

Cash                                                           260,000

Accounts Receivable                                 275,000

Finished Goods Inventory, November       68,800

Raw Materials Inventory, November          52,700

Prepaid Expenses                                    <u>    41,250  </u>

Total current assets                                                              697,750

Note:

Cash is the most liquid of assets.

Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.

Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.

Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..

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3 years ago
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which in
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Answer:

Amount                                              Debit($)                            Credit($)

Assets

Cash                                                   37,641

Office Supplies                                   890

Prepaid Insurance                             4,600

Office Equipment                              12,900

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Accounts Payable                                                                        12,900

Equity

Y. Min, Capital                                                                               18,000

Y. Min, Withdrawals                           3,329

Revenue

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Expenses

Rent Expense                                     <u>7,540</u>

Total                                                   66,900                                66,900

Explanation:

Trial Balance sheet includes all the accounts available in ledger.

Assets, Liabilities, Equity Revenue and expenses are added, however they are not given in our case

Amount                                              Debit($)                            Credit($)

Assets

Cash                                                   37,641

Office Supplies                                   890

Prepaid Insurance                             4,600

Office Equipment                              12,900

Liabilities

Accounts Payable                                                                        12,900

Equity

Y. Min, Capital                                                                               18,000

Y. Min, Withdrawals                           3,329

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Expenses

Rent Expense                                     <u>7,540</u>

Total                                                   66,900                                66,900

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