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)

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