Question
Included in the December 31 trial balance of Novak Company are the following assets. Cash $ 323,000 Work in process $340,000 Equipment (net) 1,870,000 Accounts
Included in the December 31 trial balance of Novak Company are the following assets.
| Cash | $ 323,000 | Work in process | $340,000 | |||
| Equipment (net) | 1,870,000 | Accounts Receivables (net) | 680,000 | |||
| Prepaid insurance | 69,700 | Patents | 187,000 | |||
| Raw materials | 569,500 | Finished goods | 289,000 |
Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)
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Management Accounting
Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Howard D Teall, George Gekas
5th Canadian Edition
0131922688, 978-0131922686
