Brief Exercise 8-1

Included in the December 31 trial balance of Kingbird Company are the following assets.

Cash		$ 361,000		Work in process		$380,000
Equipment (net)		2,090,000		Accounts Receivables (net)		760,000
Prepaid insurance		77,900		Patents		209,000
Raw materials		636,500		Finished goods		323,000

Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)

Current Assets Cash Prepaid Insurance Inventory Raw Materials Inventor Work-in-Process Finished Goods Invento Total Current Assets KINGBIRD COMPANY Balance sheet (Partial) December 31 636,500 380,000 323,000 361,000 2,090,000 1339500