Question

Presented below are selected accounts of Teal Company at December 31, 2020. Inventory (finished goods) $...

Presented below are selected accounts of Teal Company at December 31, 2020.

Inventory (finished goods) $ 60,400 Cost of Goods Sold $2,187,800
Unearned Service Revenue 90,700 Notes Receivable 42,600
Equipment 256,500 Accounts Receivable 167,790
Inventory (work in process) 41,300 Inventory (raw materials) 170,660
Cash 37,600 Supplies Expense 54,060
Debt Investments (trading) 39,000 Allowance for Doubtful Accounts 11,220
Customer Advances 53,500 Licenses 18,360
Restricted Cash for Plant Expansion 53,700 Additional Paid-in Capital 80,450
Treasury Stock 20,610


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 $47,331.
3. The short-term investments have a fair value of $26,730.
4. The notes receivable are due April 30, 2022, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2020.)
5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,200 are pledged as collateral on a bank loan.
6. Licenses are recorded net of accumulated amortization of $13,270.
7. Treasury stock is recorded at cost.


Prepare the current assets section of Teal Company’s December 31, 2020, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.)

TEAL COMPANY
Balance Sheet (Partial)

                                                          December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020

                                                          Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

$

                                                          AddLess:

                                                          Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

$

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