Presented below are selected accounts of Pronghorn Company at December 31, 2017 Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash (not including restricted cash) Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 56,000 100,000 259.900 37.400 40,900 38.900 54.900 50,300 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,129,700 37,800 165,310 201,700 58,580 11.720 19.470 80,460 21,180 The following additional information is available. 1. 2. 3. 4. Inventories are valued at lower-of-cost or market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $52,633. The short-term investments have a fair value of $29,510. The notes receivable are due April 30, 2019, with interest rectivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2017.) The allowance for doubtful accounts applies to the accounts receivable Accounts receivable of $52,700 are pledged as collateral on a bank loan Licenses are recorded net of accumulated amortization of $13,440. Treasury stock is recorded at cost. 5. 6. 7. Prepare the current assets section of Pronghorn Company's December 31, 2017, balance sheet with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) PRONGHORN COMPANY Balance Sheet (Partial) December 31, 2017 $ $ Presented below are selected accounts of Pronghorn Company at December 31, 2017 Inventory (finished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash (not including restricted cash) Debt Investments (trading) Customer Advances Restricted Cash for Plant Expansion $ 56,000 100,000 259.900 37.400 40,900 38.900 54.900 50,300 Cost of Goods Sold Notes Receivable Accounts Receivable Inventory (raw materials) Supplies Expense Allowance for Doubtful Accounts Licenses Additional Paid-in Capital Treasury Stock $2,129,700 37,800 165,310 201,700 58,580 11.720 19.470 80,460 21,180 The following additional information is available. 1. 2. 3. 4. Inventories are valued at lower-of-cost or market using LIFO. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $52,633. The short-term investments have a fair value of $29,510. The notes receivable are due April 30, 2019, with interest rectivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2017.) The allowance for doubtful accounts applies to the accounts receivable Accounts receivable of $52,700 are pledged as collateral on a bank loan Licenses are recorded net of accumulated amortization of $13,440. Treasury stock is recorded at cost. 5. 6. 7. Prepare the current assets section of Pronghorn Company's December 31, 2017, balance sheet with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.) PRONGHORN COMPANY Balance Sheet (Partial) December 31, 2017 $ $
