Included in the December 31 trial balance of Whispering Company are the following assets. Cash Equipment (net) Prepaid insurance Raw materials $294,500 1,705,000 63,550 519,250 Work in process Accounts receivables (net) Patents Finished goods $310,000 620,000 170,500 263,500 Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)

Included in the December 31 trial balance of Whispering Company are the following assets. Cash Equipment (net) Prepaid insurance Raw materials $294,500 1,705,000 63,550 519,250 Work in process Accounts receivables (net) Patents Finished goods $310,000 620,000 170,500 263,500 Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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