Partial balance sheet data for Satellite Company on October 31, Year 1, are as follows:
Finished goods inventory $30,000 Supplies $56,880
Prepaid Insurance 11,000 Materials Inventory 60,000
Accounts receivable 44,000 Cash 79,600
Work in process inventory 132,000
Prepare the Current Assets section of Satellite Companys balance sheet on December 31, Year 1
SATELLITE COMPANY
Balance Sheet
October 31, Year 1
Current assets
Cash 79,600
Accounts Receivable 44,000
Inventories
Finished goods $30,000
Work in process 132,000
Materials 60,000 222,000
Supplies 56,880
Prepaid Insurance 11,000
Total 289,880
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