Whitman Products and Rockland Industries Report the Following Information at December

question 169

Essay

Whitman Products and Rockland Industries report the following information at December 31:
$\begin{array}{lrr}&\text { WHIIMAN }&\text { ROCKLAND }\\ \text { Accounts receivable } & \$ 41,000 & \$ 68,000 \\\text { Cash } & 6,000 & 7,000 \\\text { Finished goods inventory } & & 25,000 \\\text { Goods in process inventory } & & 40,000 \\\text { Merchandise inventory } & 48,000 \\ \text { Prepaid expenses } & 1,000 & 2,000 \\\text { Raw materials inventory } & & 21,000\end{array}$

Required:
(a) Which company is a manufacturer? Explain.
(b) Prepare the current asset section of the balance sheet for the manufacturer.

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Definitions:

Greenhouse Gases

Gases such as carbon dioxide, methane, and nitrous oxide that trap heat in the Earth's atmosphere, contributing to global warming and climate change.

Data Breaches

Incidents where confidential, protected, or sensitive data has been accessed or disclosed in an unauthorized manner, potentially leading to identity theft or other forms of fraud.

Canada's Competitiveness

A measure of Canada's ability to compete successfully in the global market through innovation, productivity, and efficiency.

Economic Force

External factors in the economic environment that can affect an organization's ability to operate and compete, such as inflation, unemployment rates, and market demand.