Partial balance sheet data for Flat Top Company at December 31, 2016, are as follows:
Finished goods inventory $39,000
Prepaid insurance 26,250
Accounts receivable 104,500
Work in process inventory 156,500
Supplies 70,100
Materials inventory 89,750
Cash 119,000
1. Prepare the Current Assets section of Flat Top Company’s balance sheet at December 31, 2016.
2. Prepare the Current Assets section of Flat Top Company’s balance sheet at December 31, 2016.

Transactions on april 1 of the current year, andrea byrd established a business to manage rental property. she completed the following transactions during april: opened a business bank account with a deposit of $45,000 from personal funds. purchased office supplies on account, $2,000. received cash from fees earned for managing rental property, $8,500. paid rent on office and equipment for the month, $5,000. paid creditors on account, $1,375. billed customers for fees earned for managing rental property, $11,250. paid automobile expenses for month, $840, and miscellaneous expenses, $900. paid office salaries, $3,600. determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. withdrew cash for personal use, $2,000. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300)

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

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