Exercise 1- Listed below are current asset items for Lester Company at December 31, 2016.
Finished goods inventory
|
$35,000
|
Cash
|
22,000
|
Prepaid expenses
|
2,000
|
Accounts receivable
|
4,000
|
Short-term investments
|
25,000
|
Raw materials inventory
|
17,000
|
Work in process inventory
|
23,000
|
Supplies
|
500
|
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)