Business, 17.04.2020 23:33 cecem58

Exercise 1-7 Balance sheet identification and preparation LO C4

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 $ 8,000 $ 6,000
Raw materials inventory — 39,875
Merchandise inventory 42,875 —
Work in process inventory — 29,000
Finished goods inventory — 49,000
Accounts receivable, net 56,000 73,000
Prepaid expenses 4,000 800

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.

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
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

Answers: 2

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Exercise 1-7 Balance sheet identification and preparation LO C4

Current assets for two d...