Required: (1) Identify which set of numbers relates to the manufacturer and which to the...
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Accounting
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.
Account
Company 1
Company 2
Cash
$
7,000
$
5,000
Raw materials inventory
39,875
Merchandise inventory
42,875
Work in process inventory
29,000
Finished goods inventory
49,000
Accounts receivable, net
61,000
67,000
Prepaid expenses
3,500
700
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