Question 1 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.Company 1 Company 2$ 5,00042,000Account$ 7,000CashRaw materials inventoryMerchandise inventoryWork in process inventoryFinished goods inventoryAccounts receivable, netPrepaid expenses45,00030,00050,00075,00090062,0001,500Required:(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.Complete this question by entering your answers in the tabs below.Req 2Company 1Req 2Company 2Req 1Prepare the current asset section for company 1 from this information.Company 1Sunrise FoodsBalance Sheet-Current Asset SectionDecember 31, 2017Total current assets 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.AccountCompany 1 Company 2$ 5,00042,000$ 7,000CashRaw materials inventoryMerchandise inventoryWork in process inventoryFinished goods inventoryAccounts receivable, netPrepaid expenses45,00030.00050,00075,00090062,0001,500Required:(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.Complete this question by entering your answers in the tabs below.Req 2Company 1Req 2Company 2Req 1Prepare the current asset section for company 2 from this information.Company 2Rayzer Skis Mfg.Balance Sheet-Current Asset SectionDecember 31, 2017Total current assets

Current assets are those assets which are expected to be sold or used within normal operating…

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. Company 1 Company 2 $ 5,000 42,000 Account Cash $ 7,000 Raw materials inventory Merchandise inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses 45,000 30,000 50,000 75,000 900 62,000 1,500 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.

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. Company 1 Company 2 $ 5,000 42,000 Account Cash $ 7,000 Raw materials inventory Merchandise inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses 45,000 30,000 50,000 75,000 900 62,000 1,500 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.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.8MCP

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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 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.…
Below are selected transactions of Diya Automotive Company during 2022. Aug. 1 Diya Automotive Company bought $9,200 of merchandise inventory, a new factory machine for $2,600 and office supplies for $800 from a supplier. (All plus HST of 13% on account). Aug. 15 Diya returned $1,000 of the merchandise inventory to the supplier. Sept. 1 Diya sold merchandise inventory costing $750 for $1,300 (plus HST of 13%) to Lily Peng on account. Sept. 15 Lily Peng returned $300 from the Sept.1 sale. The cost of the returned items was $150 and they were returned to inventory. Oct. 1 Diya purchased $1,200 of office equipment (plus HST of 13%) from Staples on account. Prepare all the necessary journal entries for the above transactions. Assume that Diya Automotive Company uses a perpetual inventory system and an HST rate of 13%.
Below are selected transactions of Diya Automotive Company during 2022. Aug. 1 Diya Automotive Company bought $9,200 of merchandise inventory, a new factory machine for $2,600 and office supplies for $800 from a supplier. (All plus HST of 13% on account). Aug. 15 Diya returned $1,000 of the merchandise inventory to the supplier. Sept. 1 Diya sold merchandise inventory costing $750 for $1,300 (plus HST of 13%) to Lily Peng on account. Sept. 15 Lily Peng returned $300 from the Sept.1 sale. The cost of the returned items was $150 and they were returned to inventory. Oct. 1 Diya purchased $1,200 of office equipment (plus HST of 13%) from Staples on account. Prepare all the necessary journal entries for the above transactions. Assume that Diya Automotive Company uses a perpetual inventory system and an HST rate of 13%. Please donot provide solution in image format and provide solution in step by stepformat and asapf