# Your answer is partially correct The following information is for Flounder Corporation as of December 31,...

###### Question:

Your answer is partially correct The following information is for Flounder Corporation as of December 31, 2017 Restricted Cash for Retirement of long-term debt $54,500 Equipment (cost) 71,700 59,000 17.800 Inventory (work in process) Cash (unrestricted) Inventory (finished goods) Equity Investments (cost) Customer Advances Unearned Service Revenue$25,200 Additional Paid-in Capital 113,000 Accounts Receivable 14,200 Inventory (raw materials) 23,100 Supplies Expense 33,300 Cost of Goods Sold 8.200 Allowance for Doubtful Accounts 13,200 Licenses 35,700 Notes Receivable Treasury Stock 404.100 3.200 8.200 23.200 12.400 The following additional information is available 1. Inventories are valued at lower-of-cost-or-market using FIFO. 2. Treasury stockis recorded at cost. 3. Licenses are recorded net of accumulated amortization of $5.800. 4. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is$37,850. 5. The equity investments have a fair value of $7.900. (Assume they are trading securities.) 6. The allowance for doubtful accounts applies to the accounts receivable. 7. The notes receivable are due in full on March 31, 2019. with interest receivable every April 30. The notes bear interest at 8%. (Hint: Accrued interest due on December 31, 2017.) Prepare the current assets section of Flounder Corporation's balance sheet with appropriate disclosures on the face of the balance sheet. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information.) FLOUNDER CORPORATION Balance Sheet (Partial) December 31, 2017 Current Assets Cash 23100 Less : Restricted cash 25200 :$ 48300 Inventory 33300 Accounts Recevable 71700 Less : Allowance for Doubtful Accounts 3200 i 68500 Total Assets eTextbook and Media Assistance Used eTextbook List of Accounts Assistance Used Save for Later Attempts: 1 of 3 used Submit Answer

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