Question

Partial balance sheet data for Upper Crust Company at August 31 are as follows:

Finished goods inventory $129,800
Prepaid insurance 13,100
Accounts receivable 505,700
Work in process inventory 88,200
Supplies 20,300
Materials inventory 38,900
Cash 243,400
Prepare the Current Assets section of Upper Crust Company’s balance sheet at August 31.

Answer 1

The Current Assets section of Upper Crust Company's balance sheet at August 31 includes finished goods inventory, prepaid insurance, accounts receivable, work in process inventory, supplies, materials inventory, and cash.

Step-by-step explanation:

The Current Assets section of Upper Crust Company’s balance sheet at August 31 includes:

• Finished goods inventory: $129,800
• Prepaid insurance: $13,100
• Accounts receivable: $505,700
• Work in process inventory: $88,200
• Supplies: $20,300
• Materials inventory: $38,900
• Cash: $243,400

These are the assets that are expected to be used or converted into cash within one year.