Please do not give image format As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant.Current assets:CashHenderson Manufacturing CompanyBalance SheetDecember 31, 2024($ in 000s)Accounts receivableAllowance for uncollectible accountsFinished goods inventoryPrepaid expensesLong-term assets:Total current assetsAssetsTotal assetsInvestmentsRaw materials and work in process inventoryEquipmentAccumulated depreciation-equipmentFranchiseLiabilities and Shareholders' EquityCurrent liabilities:Accounts payableNotes payableInterest payable-noteDeferred revenueTotal current liabilitiesLong-term liabilities:Bonds payableInterest payable-bondsShareholders' equity:Common stockRetained earningsTotal liabilities and shareholders' equity$??$ 1,6004,200(700)6,0002,90014,0002,5003,40017,000(8,500)?$?$ 6,70013,0003003,00023,00012,000700??Additional information ($ in 000s):1. Certain records that included the account balances for the franchise and shareholders' equity items were lost. However, acomplete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.7. That is, totalliabilities are 170% of total shareholders' equity. Retained earnings at the beginning of the year was $4,800. Net income for 2024was $3,000, and $1,300 in cash dividends were declared and paid to shareholders.2 The investments represent treasury hills nurchased in December 2024 that mature in January 2025 These are considered cach 2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cashequivalents.3. Interest on both the notes and the bonds is payable annually.4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due.5. Deferred revenue will be recognized equally over the next 18 months.6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding.Required:Prepare a complete, corrected, classified balance sheet.Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deductedshould be indicated by a minus sign. Enter your answers in thousands of dollars.Current assets:Inventory:Total current assetsProperty, plant, and equipment:HENDERSON MANUFACTURING COMPANYBalance SheetDecember 31, 2024($ in 000s, except share data)AssetsNet property, plant, and equipmentIntangibles:Total assetsILLIBA_---$0000

BALANCE SHEET :A balance sheet is an accounting record used to convey the specific value of a…

2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangibles: Total assets $ 0 0 0 0

2. The investments represent treasury bills purchased in December 2024 that mature in January 2025. These are considered cash equivalents. 3. Interest on both the notes and the bonds is payable annually. 4. The notes payable account contains one note that is due in annual installments of $1,300 for each payment due. 5. Deferred revenue will be recognized equally over the next 18 months. 6. The common stock represents 500,000 shares of no par stock authorized, of which 300,000 shares are issued and outstanding. Required: Prepare a complete, corrected, classified balance sheet. Note: Do not round your intermediate calculations. Enter your answers in the order of their liquidity. Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars. Current assets: Inventory: HENDERSON MANUFACTURING COMPANY Balance Sheet December 31, 2024 ($ in 000s, except share data) Assets Total current assets Property, plant, and equipment: Net property, plant, and equipment Intangibles: Total assets $ 0 0 0 0

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 11MCQ

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All of the following would be reported on the balance sheet as current assets except a.factory overhead b.materials inventory c.work in process inventory d.finished goods inventory
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An incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.
Required: 1. Post January transactions to the general ledger, and subsidiary ledgers for materials and work in process.
Multiple choice
Q2. Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem. a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts). Prepare an income statement. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.
The following account balances and other information were taken from the accounting records of Langga Corporation for the year ended Dec. 31, 2019. Use the information to prepare a schedule of manufacturing overhead costs, a manufacturing statement (show only the total overhead cost), and a statement of comprehensive income. Advertising Expense Amortization of Patents Uncollectible Accounts Expense P 85,000 16,000 28,000 37,000 133,000 78,000 250,000 62,000 74,000 21,000 Depreciation Expense-Office Equipment Depreciation Expense-Factory Building Depreciation Expense-Factory Equipment Direct Labor Factory Insurance Expense Factory Supervision Factory Supplies Expense Factory Utilities Finished Goods Inventory, Dec. 31, 2018 Finished Goods Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2018 Work in Process Inventory, Dec. 31, 2019 Indirect Labor 115,000 15,000 12,500 8,000 9,000 26,000 25,000 55,000 14,000 60,000 78,000 313,000 Interest Expense Miscellaneous Expenses…
Suppose that applied accounts of a production company is as attached. The inventory balances is as follows: raw materials (beginning: 140.000 TL, ending: 115.000 TL), work-in process (beginning: 60.000 TL, ending: 55.000 TL) and finished goods (beginning: 65.000 TL, ending: 80.000 TL). The sales revenue is 2.000.000 TL. Prepare the income statement. Applied to the cost Applied to the period costs Applied to the idle Applied to the cost of TOTAL of production capacity losses PPE Direct materials cost applied account 850,000.00 20,000.00 870.000.00 Direct labor cost applied account 260.000.00 250.000.00 10.000.00 400,000.00 10.000.00 40.000.00 450.000.00 Factory overhead applied account Selling expenses applied account General adm. Exp. Applied acount Financing expenses applied account 70.000.00 70,000.00 120,000,00 120.000.00 30.000.00 15.000.00 45.000.00 TOTAL 1.500.000.00 230.000.00 40.000.00 45.000.00 L815.000.00
Cost of materials issuances under the FIFO methodAn incomplete subsidiary ledger of materials inventory for May is as follows: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.B. Determine the materials inventory balance at the end of May.C. Journalize the summary entry to transfer materials to work in process.D. Explain how the materials ledger might be- used as an aid in maintaining inventory quantities on hand.
Requirement: 1.Post January ng transactions to the general ledger, and subsidiary ledgers for materials and work in process.