Question
End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing, and the other, Sunrise Foods, is a merchandiser. Account Company
End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing, and the other, Sunrise Foods, is a merchandiser.
| Account | Company 1 | Company 2 |
|---|---|---|
| Cash | $ 12,000 | $ 10,000 |
| Merchandise inventory | 42,875 | |
| Raw materials inventory | 39,875 | |
| Work in process inventory | 29,000 | |
| Finished goods inventory | 49,000 | |
| Accounts receivable, net | 68,000 | 74,000 |
| Prepaid expenses | 3,000 | 600 |
1. Identify which set of numbers relates to the manufacturer and which to the merchandiser. 2a. & 2b. Prepare the current asset section of the balance sheet at December 31 for each company.
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Auditing Your Windows Infrastructure Intranet And Internet Security A Practical Audit Program For Assurance Professionals
Authors: Nwabueze Ohia
1st Edition
1521804133, 978-1521804131
