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Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.
Inventory (finished goods)
$60,670
Cost of Goods Sold
Unearned Service Revenue
93,470
Notes Receivable
Equipment
258,300
Accounts Receivable
Inventory (work in process)
40,690
Inventory (raw materials)
Cash
42,050
Supplies Expense
Equity Investments (short-term)
31,460
Allowance for Doubtful Accounts
Customer Advances
39,000
Licenses
Restricted Cash for Plant Expansion
59,120
Additional Paid-in Capital
Treasury Stock
The following additional information is available.
.
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 $59,600.
3
The short-term investments have a fair value of $29,580. (Assume they are trading securities.)
4
The notes receivable are due April 30, 2016, 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 $52,300 are pledged as collateral on a bank loan.
6
Licenses are recorded net of accumulated amortization of $14,890.
7
Treasury stock is recorded at cost.
Prepare the current assets section of Yasunari Kawabata Company's December 31, 2014, balance sheet, with appropriate disclosures.
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