Exercise 14-7 Balance sheet identification and preparation LO C4
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 $ $
Raw materials inventory 7,000 5,000
Merchandise inventory - 44,000
Work in process inventory 47,000 32,000
Finished goods inventory - 52,000
Accounts receivable, net 60,000 72,000
Prepaid expenses 3,500 700
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.
Complete this question by entering your answers in the tabs below.
Reg 1 Reg 2A Reg 2B
Prepare the current asset section for Company 1 from this information.
Sunrise Foods
Balance Sheet-Current Asset Section
Fiscal Year-end
Total current assets $ 0
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Req 1 Req 2A Req 2B
Prepare the current asset section for Company 2 from this information.
Rayzer Skis Mfg.
Balance Sheet-Current Asset Section
Fiscal Year-end
Total current assets $ 0
< Req 2A