Current assets for two different companies at fiscal year-end
2017 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 |
|
$ |
15,000 |
|
|
$ |
13,000 |
|
| Raw materials inventory |
|
|
— |
|
|
|
45,375 |
|
| Merchandise inventory |
|
|
48,375 |
|
|
|
— |
|
| Work in process inventory |
|
|
— |
|
|
|
33,000 |
|
| Finished goods inventory |
|
|
— |
|
|
|
53,000 |
|
| Accounts receivable, net |
|
|
68,000 |
|
|
|
83,000 |
|
| Prepaid expenses |
|
|
3,500 |
|
|
|
700 |
|
|
Required:
(1) 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.
- Req 1
- Req 2 Company 1
- Req 2 Company 2
Identify which set of numbers relates to the manufacturer and
which to the merchandiser.
|
|
|
|
| Which of these company is
manufacturer |
|
|
Which of these company is a merchandiser
|
|
|
- Req 2 Company 1
- Req 2 Company 2
Prepare the current asset section for company 1 from this
information.
|
|
| Company 1 |
| Sunrise Foods |
| Balance Sheet–Current Asset
Section |
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
Prepare the current asset section for company 2 from this
information.
|
|
| Company 2 |
| Rayzer Skis Mfg. |
| Balance Sheet–Current Asset
Section |
| December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|