E5-7, Current Assets Section of the Balance Sheet
Presented below are selected accounts of Aramis Company at December 31, 2010.
$52,000 Cost of Goods Sold
Revenue Received in Advance
90,000 Notes Receivable
253,000 Accounts Receivable
34,000 Raw Materials
42,000 Supplies Expense
Short-term Investments in Stock
Cash Restricted for Plant Expansion
50,000 Additional Paid-in Capital
The following additional information is available:
### (Assume they are trading securities.)
(Hint: Accrue interest due on December 31, 2010.)
pledged as collateral on a bank loan for the amount of:
Prepare the current assets section of Aramis Company’s December 31, 2010, balance sheet, with appropriate disclosures.