Calcualation of net income and current assets
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1 A list of financial statement items for Luxmann Company includes the following:
Accounts receivable $14,500 Prepaid insurance $3,400
Cash $18,400 Supplies $1,800
Short-term investments $6,200
Prepare the current assets section of the balance sheet listing the items in the proper sequence.
2. Before month-end adjustments are made, the February 28 trial balance of Bose's Enterprise contains revenue of $11,000 and expenses of $7,600. Adjustments are necessary for the following items:
? Depreciation for February is $1,200.
? Revenue earned but not yet billed is $2,800.
? Accrued interest expense is $800.
? Revenue collected in advance that is now earned is $2,500.
? Portion of prepaid insurance expired during February is $500.
Instructions
Calculate the correct net income for Bose's Enterprise for February 3.
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Solution Summary
The solution contains the answers for two questions: 1. calculation of net income 2. Properly arranging the items in the current asset section of the balance sheet.
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