Walter Products and Sandburg Industries report the following information at December WALTER

Question

Walter Products and Sandburg Industries report the following information at December 31:

WALTER SANDBURG
Accounts Receivable	$41,000	$68,000
Cash	6,000	7,000
Finished Goods Inventory		25,000
Work in Process Inventory		40,000
Merchandise Inventory	48,000
Prepaid Expenses	1,000	2,000
Raw Materials Inventory		21,000

Required:
(a) Which company is a manufacturer? Explain.
(b) Prepare the Current Asset Section of the Balance Sheet for the manufacturer.

Answer

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