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Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) $ 56,100 $2,140,500 Cost of Goods Sold Notes Receivable Unearned
Presented below are selected accounts of Skysong Company at December 31, 2020. Inventory (finished goods) $ 56,100 $2,140,500 Cost of Goods Sold Notes Receivable Unearned Service Revenue 96,000 40,400 Equipment 253,500 Accounts Receivable 147,870 Inventory (work in process) 40,900 Inventory (raw materials) 194,530 Cash 39,500 Supplies Expense 61,310 33,900 Allowance for Doubtful Accounts 12,290 Debt Investments (trading) Customer Advances 54,300 Licenses 18,320 Restricted Cash for Plant Expansion 50,300 Additional Paid-in Capital 91,240 Treasury Stock 20,370 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 $55,591. The short-term investments have a fair value of $31,880. 3. 4. 5. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.) The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $45,900 are pledged as collateral on a bank loan. Licenses are recorded net of accumulated amortization of $14,220. 6. 7. Treasury stock is recorded at cost. Prepare the current assets section of Skysong Company's December 31, 2020, 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.) Prepare the current assets section of Skysong Company's December 31, 2020, 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.) SKYSONG COMPANY Balance Sheet (Partial) $ $
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