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PREPARE ONLY THE CURRENT ASSETS SECTION OF XYZ NOT THE WHOLE BALANCE SHEET

USE THE FOLLOWING TEMPLATE TO FILLOUT THE CURRENT ASSETS

Presented below are selected accounts of XYZ Company at December 31, 2021. Inventory (finished goods) $ 52,000 Cost of Goods Sold $2,100,000 Unearned Service Revenue 90,000 Notes Receivable 40,000 Equipment 253,000 Accounts Receivable 161,000 Inventory (work in process) 34,000 Inventory (raw materials) 207,000 Cash 37,000 Supplies Expense 60,000 Debt Investments (short-term) 31,000 Allowance for Doubtful Accounts 12,000 Customer Advances 36,000 Licenses 18,000 Restricted Cash for Plant Expansion 50,000 Additional Paid-in Capital 88,000 Treasury Stock 22,000 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 $50,600. 3.The short-term investments have a fair value of $29,000. (Assume they are trading securities.) 4. The notes receivable are due April 30, 2023, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2021.) 5.The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan. 6.Licenses are recorded net of accumulated amortization of $14,000. 7.Treasury stock is recorded at cost. Instructions Prepare the current assets section of XYZ Company's December 31, 2021 Assets Current Assets Cash Short Term Investments Accounts Receivable Allowance for Doubtful accounts Inventory Prepaids Total Current Assets