Final answer:
To calculate the merchandise and current account balances, you would analyze Cheris Corp.'s sales, returns, allowances, cost of goods sold, operating expenses, and current assets versus liabilities. Exact calculations require specific data from the company's financial tables.
Step-by-step explanation:
To calculate the merchandise balance and the current account balance from Cheris Corp.'s financial records, you would typically follow these steps:
- Determine the total value of goods sold (this may be listed as 'Sales').
- Subtract any returns or allowances from the total sales to get the net sales figure.
- Add up the cost of goods that were sold to determine the total cost of goods sold.
- Subtract the cost of goods sold from the net sales to calculate the gross profit.
- Further subtract operating expenses from the gross profit to determine the net income or loss.
- To find the merchandise balance, you would generally look at the totals within the inventory and receivables accounts, and factor in any changes during the period.
- The current account balance involves assessing all current assets against current liabilities on the balance sheet.
Without the specific information typically available in Table 9.2, Table 23.2, or Table 10.2, we are unable to provide the exact numbers for Cheris Corp. This process would enable you to fill out the missing disclosures in the notes to the financial statements, which is critical for accurate reporting and compliance with accounting principles.