Barker projects the following transactions for 2019:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Barker projects the following transactions for 2019: | |||
Sales on account, | $20,000 | ||
Cash receipts from customers from sales on account, | $17,600 | ||
Purchase of raw materials on account, | $7,000 | ||
Payments on account, | $3,500 | ||
Total cost of completed products, $16,600, which includes the following: | |||
Raw materials used, | $7,100 | ||
Direct labor costs incurred and paid, | $3,900 | ||
$4,800 | |||
$800 | |||
Cost of goods sold, | $14,800 | ||
Selling and administrative costs incurred and paid, | $500 | ||
Purchase of equipment, paid in 2019, | $2,000 | ||
Prepare a budgeted |
|||
FG inventory |
$ 3,150 | ||
Barker, Inc. has the following balance sheet at December 31, 2018 | |||
Barker Co | |||
Post-Closing Trial Balace | |||
31-Dec-18 | |||
Accounts | Debit | Credit | |
Cash | 2,400 | ||
1,400 | |||
Raw Materials Inventory | 500 | ||
Finished Goods Inventory | 1,350 | ||
Total Current Assets | 5,650 | ||
Property Plant Equipment | |||
Equipment | 16,000 | ||
- 1,500 | |||
14,500 | |||
Total Assets | 20,150 | ||
Accounts Payable | 1000 | ||
Common Stock | $6,500 | ||
12,650 | |||
Total |
19,150 | ||
Total Liability & Stockholder Equity | $20,150 | ||
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