Question

In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020.Accounts receivable $220,000 Cash 83,000 Finished goods 89,000 Prepaid expenses 44,000 Raw materials 94,000 Work in process 92,000 Prepare the current assets section.

Answer 1

Answer:

Total Current assets = $622,000

Explanation:

Balance sheet (For the year ending)

Current asses                   Amount    

Accounts receivable        $220,000

Cash                                  $83,000

Stock                                 $275,000

Finished goods $89,000  

Raw materials   $94,000

W.I.P                  $92,000

Prepaid expenses            $44,000    

Total Current assets        $622,000