Question

In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020. Accounts receivable $201.000 Cash 63,000 80,000 Finished goods Prepaid expenses 39,000 Raw materials 83,000 Work in process 88,000 Prepare the current assets section. (List Current Assets in order of liquidity.)

Answer 1

1.

Roland Company Balance Sheet ( Partial ) December 31, 2020
Assets
Current Assets
Cash	$ 63,000
Accounts Receivable	201,000
Finished Goods	80,000
Work in Process	88,000
Raw Materials	83,000
Prepaid Expenses	39,000
Total Current Assets		$ 554,000

2.

	Direct Materials Used	Direct Labor Used	Factory Overhead	Total Manufacturing Costs
1.	$ 42,000	$ 63,500	$ 51,900	$ 157,400
2.	78,800	76,200	144,000	299,000
3.	58,500	139,500	113,000	311,000

Direct materials used + Direct labor used + Factory overhead = Total manufacturing costs.