Presented below are selected accounts of Cheyenne Company at December 31, 2025,Inventory (hinished goods)Unearned Service RevenueEquipmentInventory (work in process)CashDebt Investments (trading)Customer AdvancesRestricted Cash for Plant Expansion123.4.5.6.7.The following additional Information is available.$57,10099,000259,100Currere AssetsCurrent LiblikiesIntangibis AssessLong-term invaimentaLong-term LieblisesProperty Plant and EquipmentStockholders EquityTotal Assets41,700Total Currans AssssTotal Current LiablisisTotal Intangis AssetsTotal LiabilitiesTotal Liabilities and Stockholders EquityTotal Long sam InveaimantaTotal Long-tarm LabissTotal Property, Plant, and EquipmaraTotal Stocichaldars Equlty42,60032,70042,90050,800Cost of Goods SoldNotes ReceivableAccounts ReceivableInventory (raw materials)Supplies ExpenseAllowance for Doubtful AccountsLicensesAdditional Paid-in CapitalTreasury Stock$2,105,60037,200CHEYENNE COMPANYBalance Sheet (Partial)164,180S195,59064,43011,240Inventories are valued at lower-of-cost-or-market using LIFO.Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,080.The short-term investments have a fair value of $30,750.The notes receivable are due April 30, 2027, with interest receivable every April 30. The notes bear interest at 6%. (Hint:Accrue interest due on December 31, 2025.)17,770The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $52,700 are pledged ascollateral on a bank loan.Licenses are recorded net of accumulated amortization of $13,410.Treasury stock is recorded at cost.86,610Prepare the current assets section of Cheyenne Company's December 31, 2025, balance sheet, with appropriate disclosures. (ListCurrent Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question)23,020$

Name: Presented below are selected accounts of Cheyenne Company at December
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Description: Presented below are selected accounts of Cheyenne Company at December 31, 2025,Inventory (hinished goods)Unearned Service RevenueEquipmentInventory (work in process)CashDebt Investments (trading)Customer AdvancesRestricted Cash for Plant Expansion12

These are the assets which can be converted into cash and cash equivalents with in a period of one…

Business

Accounting

Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hnished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances $57,100 99,000 Cost of Goods Sold Notes Receivable 259,100 Accounts Receivable 41,700 Inventory (raw materials) 42,600 Supplies Expense 32,700 Allowance for Doubtful Accounts 42,900 Licenses $2,105,600 37,200 164,180 195,590 64,430 11,240 17,770

Presented below are selected accounts of Cheyenne Company at December 31, 2025, Inventory (hnished goods) Unearned Service Revenue Equipment Inventory (work in process) Cash Debt Investments (trading) Customer Advances $57,100 99,000 Cost of Goods Sold Notes Receivable 259,100 Accounts Receivable 41,700 Inventory (raw materials) 42,600 Supplies Expense 32,700 Allowance for Doubtful Accounts 42,900 Licenses $2,105,600 37,200 164,180 195,590 64,430 11,240 17,770

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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