Reference no: EM131258858
Presented below are selected accounts of Tamarisk Company at December 31, 2017. Inventory (finished goods) $ 58,600 Cost of Goods Sold $2,114,500 Unearned Service Revenue 99,700 Notes Receivable 37,200 Equipment 258,900 Accounts Receivable 148,890 Inventory (work in process) 39,700 Inventory (raw materials) 176,530 Cash (not including restricted cash) 46,500 Supplies Expense 62,000 Equity Investments (short-term) 31,900 Allowance for Doubtful Accounts 12,080 Customer Advances 48,600 Licenses 18,610 Restricted Cash for Plant Expansion 52,300 Additional Paid-in Capital 83,660 Treasury Stock 23,190
The following additional information is available.
1. Inventories are valued at lower-of-cost-or-market using LIFO.
2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $46,983.
3. The short-term investments have a fair value of $28,930. (Assume they are trading securities.)
4. The notes receivable are due April 30, 2019, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2014.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $47,600 are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated amortization of $13,190.
7. Treasury stock is recorded at cost.
Prepare the current assets section of Tamarisk Company’s December 31, 2017, balance sheet, with appropriate disclosures.
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