Exercise 2-3 Suppose the following items were taken from the December 31, 2017,

Question

Exercise 2-3 Suppose the following items were taken from the December 31, 2017, assets section of the Windsor, Inc. balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 20185,620 Buildings Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $17,370 Patents $12,140 20,650 7,600 5,560 Debt investments (short-term 1,560 330 Cash 13,400 Accounts receivable Prepare the assets section of a classified balance sheet. (List the current assets in order of liquidity. Windsor, Inc. Partial Balance Sheet (in millions) Assets

Explanation / Answer

Windsor, Inc. Partial Balance sheet As at December 31, 2017 (in millions) Assets Assets Current Assets Cash $       7,600 Debt Investment(Short term) $       1,560 Accounts Recivable $       5,560 Notes Receivable - due before December 31, 2018 $           330 Inventory $     17,370 Total Current Assets $       32,420 Non-Current Assets Notes Receivable - due before December 31, 2018 $         5,620 Property,Plant and Equipment Building $     20,650 Less:Accumulated depreciation-building $     13,400 $         7,250 Intangible Fixed assets Patent $       12,140 Total Assets $       57,430

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