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Homework answers / question archive / Consider the following selected amounts and account balances of Knights: B! (Click the icon to view the data
Consider the following selected amounts and account balances of Knights: B! (Click the icon to view the data.) Show how this company reports current assets on the balance sheet. Not all the data are used. Is Knights a service company, a merchandiser, or a manufacturer? How do you know? Show how Knights reports current assets on the balance sheet. Knights Balance Sheet (Partial) Data Table Current assets: Cost of goods sold. Direct labour Direct materials used. Inventories: $ 108,000 Prepaid expenses $ 8,600 50,000 Marketing expense... 32,000 20.000 Work in process inventory 47,000 81,000 Manufacturing overhead ...... 30,000 17,000 Finished goods inventory ...... 67,000 96.000 Raw materials inventory ........ 17,000 Accounts receivable Cash Cost of goods manufactured Print Done Total current assets
| Knights Balance Sheet (Partial) |
||
| Current assets: | ||
| Cash | $ 17,000 | |
| Account Receivable | $ 81,000 | |
| Inventories: | ||
| - Work in Process Inventory | $ 47,000 | |
| - Finished goods Inventory | $ 67,000 | |
| - Raw materials Inventory | $ 17,000 | |
| Total Inventories | $ 131,000 | |
| Prepaid Expenses | $ 8,600 | |
| Total Current assets | $ 237,600 |
