Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 14-7 Balance sheet identification and preparation LO C4 Current assets for two different companies at fiscal year-end are listed here. One is a manufacturer,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Exercise 14-7 Balance sheet identification and preparation LO C4 Current assets for two different companies at fiscal year-end are listed here. One is a manufacturer, Rayzer Skis Mig, and the other, Sunrise Foods, is a grocery distribution company Account Conpany Company 2 Cash $ 6,000 $ 4,000 Raw materials inventory 34,375 Merchandise inventory 37,375 Work in process inventory 25,000 Finished goods Inventory 45,000 Accounts receivable, net 56,000 77,000 Prepaid expenses 3,000 600 Required: 1. Identify which set of numbers relates to the manufacturer and which to the merchandiser 20. & 2b. Prepare the current asset section for each company from this information Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Red 2B Nex toft ED Finished goods inventory Accounts receivable, net Prepaid expenses 22.000 45,000 56,000 3,890 77,000 600 Required: 1. Identify which set of numbers relates to the manufacturer and which to the merchandiser. 20. & 2b. Prepare the current asset section for each company from this information. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Req 2B Identify which set of numbers relates to the manufacturer and which to the merchandiser Which of these company is manufacturer Which of these company is merchandiser Req2 > Proy Next Te to search o a 9 #3 4 5 6 00 99 E LY T T F G H K Soved Required: 1. Identify which set of numbers relates to the manufacturer and which to the merchandiser 2a. & 2b. Prepare the current asset section for each company from this information, Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Prepare the current asset section for Company 1 from this information Sunrise Foods Balance Sheet-Current Asset Section Fiscal Year-end Total current assets PE 101 M to search a TI de 92 a 96 3 6. 9 2a. & 2b. Prepare the current asset section for each company from this information Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare the current asset section for Company 2 from this information, Rayzer Skis Mfg. Balance Sheet-Current Asset Section Fiscal Year-end ce Total current assets S Pre 1 of 1 Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sawyers Internal Auditing Enhancing And Protecting Organizational Value

Authors: The Internal Audit Foundation

7th Edition

1634540522, 9781634540520

More Books

Students also viewed these Accounting questions

Question

2. Outline the business case for a diverse workforce.

Answered: 1 week ago