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Presented below are selected accounts of Wildhorse Corporation at December 31, 2025. Inventory $335,000 Customer Deposits: Services 78,000 Customer Deposits: Materials 39,000 Prepaid Insurance
Presented below are selected accounts of Wildhorse Corporation at December 31, 2025. Inventory $335,000 Customer Deposits: Services 78,000 Customer Deposits: Materials 39,000 Prepaid Insurance 21,000 Cash & Cash Equivalents 59,000 Debt Investments (trading) 45,000 Equipment 239,000 Buildings 160,000 Accounts Payable 51,000 Cost of Goods Sold 2,046,000 Notes Receivable 40,000 Accounts Receivable 162,000 Insurance Expense 12,000 Supplies 58,000 Allow.for Doubtful Accounts 13,000 Licenses 10,000 Treasury Stock 24,000 Land 212.000 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 $89,000. Buildings are recorded at cost. Depreciation is computed on a straight-line basis. 3. The short-term investments have a fair value of $44,000. 4. The notes receivable (lump sum) are due June 30, 2025, with interest receivable calculated and due every July 1. The notes bear interest at 5%. 5. Licenses are recorded net of accumulated amortization of $5,000. 6. Treasury stock is recorded at cost. Prepare the current assets section of Wildhorse December 31, 2025 Balance Sheet. (List current assets in order of liquidity.) Prepare the current assets section of Wildhorse December 31, 2025 Balance Sheet. (List current assets in order of liquidity.) Wildhorse Corporation Balance Sheet Assets
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