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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 58E: Analyzing Inventory The recent financial statements of McLelland Clothing Inc. include the following...
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