Foal Company's December 31,2014 balance sheet reported the following current assets:

An analysis of the accounts disclosed that accounts receivable consisted of the following: $\begin{array}{lr}
\text { Trade accounts } & \$ 160,000 \
\text { Allowance for uncollectible accounts } & (5,000) \
\text { Selling price of Foal's unsold goods out on consignment, at } &\150 \% \text { of cost, not included in Foal's ending inventory }&45,000\\text { Total }&\$200,000
\end{array}$
Required:
What are the correct totals for cash,accounts receivable,and inventories at December 31,2014?

Question

Foal Company's December 31,2014 balance sheet reported the following current assets:
 
An analysis of the accounts disclosed that accounts receivable consisted of the following: $\begin{array}{lr}
\text { Trade accounts } & \$ 160,000 \
\text { Allowance for uncollectible accounts } & (5,000) \
\text { Selling price of Foal's unsold goods out on consignment, at } &\150 \% \text { of cost, not included in Foal's ending inventory }&45,000\\text { Total }&\$200,000
\end{array}$ 
Required:
What are the correct totals for cash,accounts receivable,and inventories at December 31,2014?

Quizplus · Accepted Answer

The Answer of Foal Company's December 31,2014 balance sheet reported the following current assets:
 
An analysis of the accounts disclosed that accounts receivable consisted of the following: $\begin{array}{lr}
\text { Trade accounts } & \$ 160,000 \
\text { Allowance for uncollectible accounts } & (5,000) \
\text { Selling price of Foal's unsold goods out on consignment, at } &\150 \% \text { of cost, not included in Foal's ending inventory }&45,000\\text { Total }&\$200,000
\end{array}$ 
Required:
What are the correct totals for cash,accounts receivable,and inventories at December 31,2014?

Foal Company's December 31,2014 Balance Sheet Reported the Following Current