2024 – E5 7 Current Assets Section of the Balance Sheet Presented below are selected accounts of Yasunari
E5-7 (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014. – 2024
E5-7 (Current Assets Section of the Balance Sheet) Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
|
Finished Goods
|
$52,000
|
Cost of Goods Sold
|
$2,100,000
|
|
Unearned Revenue
|
90,000
|
Notes Receivable
|
40,000
|
|
Equipment
|
253,000
|
Accounts Receivable
|
161,000
|
|
Work in Process
|
34,000
|
Raw Materials
|
207,000
|
|
Cash
|
37,000
|
Supplies Expense
|
60,000
|
|
Equity Investments (Short-term)
|
31,000
|
Allowance for Doubtful Accounts
|
12,000
|
|
Customer Advances
|
36,000
|
Licenses
|
18,000
|
|
Cash Restricted for Plant Expansion
|
50,000
|
Additional Paid-in Capital
|
88,000
|
|
|
|
Treasury Stock
|
22,000
|
The following additional information is available:
1. Inventories are valued at lower-of-cost-or-market using LIFO.
2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600
3. The short-term investments have a fair value of $29,000 (Assume they are trading securities.)
4. The notes receivables are due April 30, 2016, with interest receivable every April 30. The notes bear interest at 6%(Hint: Accrue interest due on December 31, 2014.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated amortization of $14,000
7. Treasury stock is recorded at cost.
Instructions
Prepare the current assets section of Yasunari Kawabata Company’s December 31, 2014, balance sheet, with appropriate disclosures.
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