Question
The following data were taken from the records of Skysong Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $51,600 Accounts
The following data were taken from the records of Skysong Company for the fiscal year ended June 30, 2022.
Raw Materials Inventory 7/1/21 | $51,600 | Accounts Receivable | $35,400 | |||
---|---|---|---|---|---|---|
Raw Materials Inventory 6/30/22 | 45,500 | Factory Insurance | 5,200 | |||
Finished Goods Inventory 7/1/21 | 99,100 | Factory Machinery Depreciation | 17,900 | |||
Finished Goods Inventory 6/30/22 | 22,300 | Factory Utilities | 31,100 | |||
Work in Process Inventory 7/1/21 | 29,600 | Office Utilities Expense | 9,450 | |||
Work in Process Inventory 6/30/22 | 28,100 | Sales Revenue | 557,100 | |||
Direct Labor | 145,750 | Sales Discounts | 5,000 | |||
Indirect Labor | 26,660 | Factory Managers Salary | 65,300 | |||
Factory Property Taxes | 9,710 | |||||
Factory Repairs | 2,200 | |||||
Raw Materials Purchases | 99,000 | |||||
Cash | 39,400 |
Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.)
SKYSONG COMPANY Balance Sheet (Partial) ASSETS $ $ $Step by Step Solution
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