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Presented below are selected accounts of Aramco Company at December 31, 2010
Presented below are selected accounts of Aramco Company at December 31, 2010.
|
FinishedGoods |
52,000 |
Cost of GoodsSold |
2,100,000 |
|
Revenue Received in Advance |
90,000 |
Notes Receivable |
40,000 |
|
Equipment |
253,000 |
AccountsReceivable |
161,000 |
|
Work-in-Process |
34,000 |
RawMaterials |
187,000 |
|
Cash |
42,000 |
Supplies Expense |
60,000 |
|
Trading Securities |
29,000 |
Allowance for DoubtfulAccounts |
12,000 |
|
Customer Advances |
36,000 |
Licenses |
18,000 |
|
Cash Restricted for Plant Expansion |
50,000 |
Share Premium - Ordinary |
88,000 |
|
|
Treasury Stock |
22,000 |
|
The notes receivables are due April 30, 2012, with interest receivable every April 30. The notes bear 6% interest (Hint: Accrue interest due on December 31, 2010.)
Instructions:
Prepare the current assets section of Aramis Company’s December 31, 2010, statement of financial position, with appropriate disclosures.
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PFA
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