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 | 51,125 | |
| Raw materials inventory | 48,125 | |
| Work in process inventory | 35,000 | |
| Finished goods inventory | 55,000 | |
| Accounts receivable, net | 63,000 | 75,000 |
| 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.
Identify which set of numbers relates to the manufacturer and which to the merchandiser.
|
Prepare the current asset section of the balance sheet at December 31 for Company 1.
| ||||||||||||||||||
Prepare the current asset section of the balance sheet at December 31 for Company 2.
| ||||||||||||||||||||||
please the right answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Monitoring And Auditing Practices For Effective Compliance
Authors: John E. Steiner
2nd Edition
0977843017, 978-0977843015
