Question

Cash Account Merchandise inventory Raw materials inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses Company 1 $ 9,000 40,125 Company 2 $ 7,000 37,125 27,000 47,000 70,000 82,000 3,000 600 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 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare the current asset section of the balance sheet at December 31 for Company 1. Current Assets Section of Balance Sheet December 31 Total current assets $ 0 

          Cash
Account
Merchandise inventory
Raw materials inventory
Work in process inventory
Finished goods inventory
Accounts receivable, net
Prepaid expenses
Company 1
$ 9,000
40,125
Company 2
$ 7,000
37,125
27,000
47,000
70,000
82,000
3,000
600
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
Complete this question by entering your answers in the tabs below.
Req 1
Req 2A
Req 2B
Prepare the current asset section of the balance sheet at December 31 for Company 1.
Current Assets Section of Balance Sheet
December 31
Total current assets
$ 0
Show more…
Cash Account Merchandise inventory Raw materials inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses Company 1 9,000 40,125 Company 2 7,000 37,125 27,000 47,000 70,000 82,000 3,000 600 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 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare the current asset section of the balance sheet at December 31 for Company 1. Current Assets Section of Balance Sheet December 31 Total current assets 0

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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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able[[Account,Company 1,Company 2],[Cash,$9,000,$7,000 Account Company 1 $9,000 40,125 Company 2 $7,000 Cash Merchandise inventory Raw materials inventory Work in process inventory Finished goods inventory Accounts receivable, net Prepaid expenses 37,125 27,000 47,000 82,000 600 70,000 3,000 1. ldentify 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 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Prepare the current asset section of the balance sheet at December 31 for Company 1. Current Assets Section of Balance Sheet December 31 Total current assets $ 0
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Transcript

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00:01 Hello students, here is a question.
00:02 Trusree corporation balance sheet as of march 11, 2022.
00:06 The cash and accounts payable information are given in the question.
00:09 Based on this, we have to calculate what is the final amount and total liabilities and equity.
00:16 So, the transaction amount are provided in dollars, but the balance sheet units are thousands of dollars.
00:22 Please specify your answers in the same unit in the balance sheet.
00:26 So, this is our question.
00:27 Let us do the solution for this.
00:30 So, here we need to prepare a total liability and equity account.
00:34 So, that is a trusree corporation balance sheet as on march 12, 2022.
00:46 So, we have two sites here.
00:50 First is liabilities, amount, assets, amount.
00:59 So, under asset side, first we will list out the assets.
01:02 So, assets are accounts payable, sorry, cash.
01:08 The assets are cash.
01:11 It is 14 ,744...
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