Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :) 1. 2a. 2b. Exercise 18-7 Balance sheet identification and preparation LO

NO EXPLANATION NEEDED, please, just solve everything, would be greatly appreciated (thumbs up)! :)

image text in transcribed

1.

image text in transcribed

2a.

image text in transcribed

2b.

image text in transcribed

Exercise 18-7 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 Mfg., and the other, Sunrise Foods, is a grocery distribution company. Account Cash Raw materials inventory Merchandise inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses Company 1 Company 2 $ 5,000 $3,000 48,125 51,125 35,000 55,000 60,000 77,000 2,500 500 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. Which of these company is manufacturer Which of these company is a merchandiser Sunrise Foods Balance Sheet-Current Asset Section Fiscal Year-end Total current assets 0 Rayzer Skis Mfg. Balance Sheet-Current Asset Section Fiscal Year-end Total current assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions