Question

The following information is for Whispering Winds Corporation as of December 31, 2017.

Restricted Cash for Retirement of long- term debt		$23,300		Additional Paid-in Capital		$55,100
Equipment (cost)		111,200		Accounts Receivable		72,100
Inventory (work in process)		13,100		Inventory (raw materials)		59,400
Cash (unrestricted)		21,200		Supplies Expense		18,500
Inventory (finished goods)		32,500		Cost of Goods Sold		405,900
Equity Investments (cost)		9,500		Allowance for Doubtful Accounts		3,900
Customer Advances		12,600		Licenses		6,600
Unearned Service Revenue		35,500		Notes Receivable		20,400
				Treasury Stock		13,000

The following additional information is available.

1.		Inventories are valued at lower-of-cost-or-market using FIFO.
2.		Treasury stock is recorded at cost.
3.		Licenses are recorded net of accumulated amortization of $6,100.
4.		Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $38,650.
5.		The equity investments have a fair value of $8,700. (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 Whispering Winds 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.)

WHISPERING WINDS CORPORATION Balance Sheet (Partial) choose the accounting period                                                          December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
select an opening section name                                                          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
enter a balance sheet item			$enter a dollar amount
select between addition and deduction                                                          AddLess: enter a balance sheet item			enter a dollar amount		$enter a subtotal of the two previous amounts
enter a balance sheet item					enter a dollar amount
enter a balance sheet item			enter a dollar amount
select between addition and deduction                                                          AddLess: enter a balance sheet item			enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item					enter a dollar amount
select an opening subsection name
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
					enter a subtotal of the three previous amounts
select a closing section name                                                          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					$enter a total amount for this section

Answer 1

B C Whispering Winds Corporation Balance sheet (partial) as on December 31, 2017 4 Current assets amount ($) Amount ($) 5 Cash 44500 6 Less: restricted for plant expansion -23300 21200| 7 Trading securities 8700 8 Accounts receivable 72100 9 Less: Allowance for bad debts -2100 70000 10 Interest receivable (20400*8%*8/12) 1088 11 Inventories 12 Finished goods 32500 13 WIP (work in process) 13100 14 Raw materials 59400 105000 15 Total current assets 205988