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. Cash

End-of-year current assets for two different companies follow. One is a manufacturer,

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. Cash Account Merchandise inventory Raw materials inventory Work in process inventory Company 1 $ 9,000 51,125 Company 2 $ 7,000 48,125 35,000 Finished goods inventory Accounts receivable, net 55,000 65,000 68,000 Prepaid expenses 4,500 900 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare the current asset section of the balance sheet at December 31 for Company 1. Current Assets Section of Balance Current Assets Section of Balance Sheet Cash Sheet December 31 $ 9,000 Merchandise inventory Accounts receivable, net Prepaid expenses December 31 Total current assets $ 9,000 < Req 1 Total current assets $ 0

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!