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24 December, 05:46

Prepare the current assets section of the balance sheet for Buffalo Industries, assuming that in addition to the receivables it has cash of $97,340, merchandise inventory of $167,950, and supplies of $12,560. (List current assets in order of liquidity)

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  1. 24 December, 06:08
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    Explanation: current assets are assets other than fixed asset that a company uses in its day to day operations and are noted in the Balanced sheet of an organisation and they include:

    Cash, Account receivable, Inventory, Supplies.

    From the above question, the current asset of Buffalo Industries is stated below:

    Balanced Sheet (extract)

    Current assets:

    Cash $97,340

    Merchandise inventory $167,950

    Supplies. $12,560

    Total current asset. $277,850
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