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.     Rayzer Skis Mfg. Balance Sheet–Current Asset Section Fiscal Year-end                                 Total current assets

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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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.

 
 
Rayzer Skis Mfg.
Balance Sheet–Current Asset Section
Fiscal Year-end
   
   
   
   
   
   
   
   
Total current assets  
 
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