Practice Brief Exercise 3 In alphabetical order below are cu

Practice Brief Exercise 3 In alphabetical order below are current asset items for Roland Company\'s balance sheet at December 31, 2017. Accounts receivable Cash Finished goods Prepaid expenses Raw materials Work in process $200,000 62,000 91,000 38,000 83,000 87,000 Prepare the current assets section. (List Current Assets in order of liquidity.) ROLAND COMPANY Balance Sheet

Solution

ROLAND COMPANY Balance Sheet 31-Dec-17 Current Assets Cash $62,000 Accounts Receivable $200,000 Inventories Finish Goods $91,000 Work in Process $87,000 Raw Materials $83,000 $261,000 Prepaid Expenses $38,000 Total Current Assets $561,000