In alphabetical order below are current asset items for Rola

In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2017.

Prepare the current assets section. (List Current Assets in order of liquidity.)

Accounts receivable		$216,000
Cash		78,000
Finished goods		97,000
Prepaid expenses		43,000
Raw materials		94,000
Work in process		95,000

Solution

ROLAND COMPANY Balance Sheet For the Year Ended December 31, 2017 Current Assets: Cash 78000 Accounts receivable 216000 Inventories: Finished goods 97000 Work in process 95000 Raw materials 94000 286000 Prepaid expenses 43000 Total Current Assets 623000