ACCOUNTING QUESTIONS:

please answer all both questions.

QUESTION $1$: Exercise $1-11($Algo$)$ Balance sheet identification and preparation LO P$1$

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 $ $8,000,$$ $6,000$

Merchandise inventory $42,8750$

Raw materials inventory $039,875$

Work in process inventory $029,000$

Finished goods inventory $049,000$

Accounts receivable, net $64,000,70,000$

Prepaid expenses $3,000,600$

$1.$ Identify which set of numbers relates to the manufacturer and which to the merchandiser.

$2$a$.$ & $2$b$.$ Prepare the current asset section of the balance sheet at December $31$ for each company.

QUESTION $2$: Use the following selected account balances of Delray Manufacturing for the year ended December $31.$

Sales $ $1,000,000$

Raw materials inventory, beginning $44,000$

Work in process inventory, beginning $57,000$

Finished goods inventory, beginning $74,000$

Raw materials purchases $202,000$

Direct labor $242,000$

Indirect labor $36,000$

Repairs$$Factory equipment $29,000$

Rent cost of factory building $58,000$

Selling expenses $93,000$

General and administrative expenses $149,000$

Raw materials inventory, ending $53,000$

Work in process inventory, ending $68,000$

Finished goods inventory, ending $89,000$