This image appears to be a screenshot from an educational interface, likely for a coursework or homework assignment. It provides students with tasks related to financial accounting, specifically on the current asset section of a balance sheet.### Task Overview1. **Identify which set of numbers relates to the manufacturer and which to the merchandiser.**2. **Prepare the current asset section for each company from this information:** - **2a.** Prepare the current asset section for Company 1. - **2b.** Prepare the current asset section for Company 2.### Instructions- **Complete this question by entering your answers in the tabs below.** - There are three tabs: Req 1, Req 2A, and Req 2B.### Company Information#### **Sunrise Foods Balance Sheet – Current Asset Section**- **Fiscal Year-end**- There are multiple blank rows designated for different types of current assets.- At the bottom, there's a line for "Total current assets" with a placeholder to enter the total amount.### Interface Navigation- The interface shows that students are currently on **Page 3 of 5**.- There are navigation buttons: "Prev" to go to the previous page, "Next" to proceed to the next page, and specific tabs for the company requirements (Req 1, Req 2A, Req 2B).### Illustration Description- The screenshot includes a table where students are to input the current assets for Sunrise Foods. The table has several blank lines to be filled out with different asset accounts and a sum at the end of the section for the total current assets.Students are expected to utilize the provided information to identify the relevant numbers for both a manufacturer and a merchandiser, then populate the balance sheet sections for both companies accordingly. **Current Assets Comparison for Rayzer Skis Mfg. and Sunrise Foods**At the end of the fiscal year, the following current assets for two distinct companies were recorded. One of these companies, Rayzer Skis Manufacturing (Mfg.), is a manufacturer, while the other, Sunrise Foods, operates as a grocery distribution company.**Current Assets for Companies at Fiscal Year-End:**| Account | Company 1 | Company 2 ||---------------------------|--------------|-----------|| Cash | $14,000 | $12,000 || Raw Materials Inventory | | $45,375 || Merchandise Inventory | $48,375 | $33,000 || Work in Process Inventory | $33,000 | || Finished Goods Inventory | $33,000 | $53,000 || Accounts Receivable, Net | $67,000 | $66,000 || Prepaid Expenses | | $3,000 |**Required Tasks:**1. Identify which set of numbers belongs to the manufacturer and which to the merchandiser.2. **2a & 2b.** Prepare the current asset section for each company using this information.**Instructions:**Complete this question by entering your answers in the provided tabs.Tabs:- **Req 1**: Identify the Companies- **Req 2A**: Prepare the current asset section for Company 1- **Req 2B**: Prepare the current asset section for Company 2**Example Format for Current Asset Section:****Sunrise Foods**Balance Sheet–Current Asset SectionFiscal Year-end[Click on the relevant tab to enter the specific values and complete the balance sheet as required.]**Considerations:**- Company 1 and Company 2 both have cash and accounts receivable.- Only Company 2 has raw materials inventory, work in process, and finished goods inventory, indicating it might be the manufacturer.- Company 1 has merchandise inventory, suggesting it's likely the grocery distribution company (merchandiser).Please complete the balance sheet for each company accordingly based on your identification.

Name: This image appears to be a screenshot from an educational interface,
Uploaded: 2024-03-20T06:32:37.000Z
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Description: This image appears to be a screenshot from an educational interface, likely for a coursework or homework assignment. It provides students with tasks related to financial accounting, specifically on the current asset section of a balance sheet.### Ta

Current assets refer to the assets that are likely to be consumed or sold within the normal…

Business

Accounting

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 Company 1 $14,000 Company 2 $12,000 Cash 45,375 Raw materials inventory Merchandise inventory 48,375 Work in process inventory 33,000 53,000 Finished goods inventory Accounts receivable, net Prepaid expenses 67,000 3,000 66,000 600 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.

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 Company 1 $14,000 Company 2 $12,000 Cash 45,375 Raw materials inventory Merchandise inventory 48,375 Work in process inventory 33,000 53,000 Finished goods inventory Accounts receivable, net Prepaid expenses 67,000 3,000 66,000 600 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Finished goods inventory Accounts receivable, net Prepaid expenses Req 1 Company 1 Company 2 $ 5,000 44,250 $ 3,000 59,000 4,000 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. Req 2A Complete this question by entering your answers in the tabs below. 41,250 30,000 50,000 80,000 800 Req 2B Identify which set of numbers relates to the manufacturer and which to the merchandiser. Which of these company is a manufacturer? Which of these company is a merchandiser? Req 1 Req 2A >
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