Exercise 23 Suppose the following items were taken from the

Exercise 2-3 Suppose the following items were taken from the December 31, 2017, assets section of the Windsor, Inc. balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 20185,620 Buildings Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $17,370 Patents $12,140 20,650 7,600 5,560 Debt investments (short-term 1,560 330 Cash 13,400 Accounts receivable Prepare the assets section of a classified balance sheet. (List the current assets in order of liquidity. Windsor, Inc. Partial Balance Sheet (in millions) Assets

Solution

Windsor, Inc. Partial Balance sheet As at December 31, 2017 (in millions) Assets Assets Current Assets Cash $       7,600 Debt Investment(Short term) $       1,560 Accounts Recivable $       5,560 Notes Receivable - due before December 31, 2018 $           330 Inventory $     17,370 Total Current Assets $       32,420 Non-Current Assets Notes Receivable - due before December 31, 2018 $         5,620 Property,Plant and Equipment Building $     20,650 Less:Accumulated depreciation-building $     13,400 $         7,250 Intangible Fixed assets Patent $       12,140 Total Assets $       57,430