On the basis of the following data related to assets due within one year for Simons Co., prepare a partial balance sheet in good form at December 31. Show total current assets. Cash $ 56 , 000 Accounts receivable 325 , 000 Allowance for doubtful accounts 25 , 000 Interest receivable 3 , 000 Supplies 4 , 000 Inventory 45 , 000 Other current assets 10 , 000 \begin{array} { l r } ext { Cash } & \$ 56,000 \ ext { Accounts receivable } & 325,000 \ ext { Allowance for doubtful accounts } & 25,000 \ ext { Interest receivable } & 3,000 \ ext { Supplies } & 4,000 \ ext { Inventory } & 45,000 \ ext { Other current assets } & 10,000\end{array} Cash Accounts receivable Allowance for doubtful accounts Interest receivable Supplies Inventory Other current assets $56 , 000 325 , 000 25 , 000 3 , 000 4 , 000 45 , 000 10 , 000

Question

On the basis of the following data related to assets due within one year for Simons Co., prepare a partial balance sheet in good form at December 31. Show total current assets.    Cash  $ 56 , 000  Accounts receivable  325 , 000  Allowance for doubtful accounts  25 , 000  Interest receivable  3 , 000  Supplies  4 , 000  Inventory  45 , 000  Other current assets  10 , 000 \begin{array} { l r } 	ext { Cash }  &  \$ 56,000 \	ext { Accounts receivable }  &  325,000 \	ext { Allowance for doubtful accounts }  &  25,000 \	ext { Interest receivable }  &  3,000 \	ext { Supplies }  &  4,000 \	ext { Inventory }  &  45,000 \	ext { Other current assets }  &  10,000\end{array}  Cash   Accounts receivable   Allowance for doubtful accounts   Interest receivable   Supplies   Inventory   Other current assets  ​ $56 , 000 325 , 000 25 , 000 3 , 000 4 , 000 45 , 000 10 , 000 ​

Rylee Nicole · Accepted Answer

Final Answer :  ??   S i m o n s C o . B a l a n c e S h e e t D e c e m b e r 31 A s s e t s  Current assets:  $ 56 , 000  Cash  $ 325 , 000  Lecounts receivable  25 , 000 ‾ 300 , 000  Inventory  45 , 000  Interest receivable  3 , 000  Supplies  4 , 000  Other current assets  10 , 000  Total current assets  $ 418 , 000 ‾ Simons Co.\Balance Sheet\December 31\ Assets\\begin{array}{lrr}	ext { Current assets: }  &   &  \$ 56,000 \	ext { Cash }  &  \$ 325,000  &  \\quad 	ext { Lecounts receivable }  &  \underline{25,000}  &  300,000 \	ext { Inventory }  &   &  45,000 \	ext { Interest receivable }  &   &  3,000 \	ext { Supplies }  &   &  4,000 \	ext { Other current assets }  & &  10,000 \\quad 	ext { Total current assets }  & &  \underline{\$ 418,000}\end{array} S im o n s C o . B a l an ce S h ee t Dece mb er 31 A sse t s  Current assets:   Cash   Lecounts receivable   Inventory   Interest receivable   Supplies   Other current assets   Total current assets  ​ $325 , 000 25 , 000 ​ ​ $56 , 000 300 , 000 45 , 000 3 , 000 4 , 000 10 , 000 $418 , 000 ​ ​

Definitions

Learning Objectives

Learning Objectives

Related questions