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 Company 2 Cash $ 11,000 $ 9,000 Raw materials inventory — 42,625 Merchandise inventory 45,625 — Work in process inventory — 31,000 Finished goods inventory — 51,000 Accounts receivable, net 69,000 73,000 Prepaid expenses 4,500 900 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. 1. Which of these company is manufacturer Which of these company is a merchandiser 2a. Sunrise Foods Balance Sheet–Current Asset Section Fiscal Year-end Total current assets 2b. Rayzer Skis Mfg. Balance Sheet–Current Asset Section Fiscal Year-end Total current assets
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 Company 2 Cash $ 11,000 $ 9,000 Raw materials inventory — 42,625 Merchandise inventory 45,625 — Work in process inventory — 31,000 Finished goods inventory — 51,000 Accounts receivable, net 69,000 73,000 Prepaid expenses 4,500 900 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. 1. Which of these company is manufacturer Which of these company is a merchandiser 2a. Sunrise Foods Balance Sheet–Current Asset Section Fiscal Year-end Total current assets 2b. Rayzer Skis Mfg. Balance Sheet–Current Asset Section Fiscal Year-end Total current assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | Company 2 | ||||||
| Cash | $ | 11,000 | $ | 9,000 | ||||
| Raw materials inventory | — | 42,625 | ||||||
| Merchandise inventory | 45,625 | — | ||||||
| Work in process inventory | — | 31,000 | ||||||
| Finished goods inventory | — | 51,000 | ||||||
| 69,000 | 73,000 | |||||||
| Prepaid expenses | 4,500 | 900 | ||||||
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.
1.
| Which of these company is manufacturer | |
| Which of these company is a merchandiser |
2a.
|
2b.
|
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