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End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing,...

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Question

Accounting

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.

Account

Company 1

Company 2

Cash

$ 11,000

$ 9,000

Merchandise inventory

41,500

Raw materials inventory

38,500

Work in process inventory

28,000

Finished goods inventory

48,000

Accounts receivable, net

70,000

67,000

Prepaid expenses

5,000

1,000

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.

Current Assets Section of Balance Sheet

December 31

Total current assets

$0

Current Assets Section of Balance Sheet

December 31

Total current assets

$0

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