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Exercise 18-11 (Algo) Balance sheet identification and preparation LO P1 End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing,

Exercise 18-11 (Algo) Balance sheet identification and preparation LO P1

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 $ 14,000 $ 12,000
Merchandise inventory 41,500
Raw materials inventory 38,500
Work in process inventory 28,000
Finished goods inventory 48,000
Accounts receivable, net 64,000 79,000
Prepaid expenses 3,500 700

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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