Buperior Manufacturing Company has the following cost and expense data for the year snding December 31, 2010. Raw materials, I/I/10- Raw materials, 12/31/10- Raw materials purchases- Indirect materials -$15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10- Finished goods, 12/31/10 - Direct labor - $30.000 Insurance, factory $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 $14,000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO X $90,000 MO $65,000 MO Factory manager's salary-$35,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, Short-term Investments $26.000 Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010.

Buperior Manufacturing Company has the following cost and expense data for the year snding December 31, 2010. Raw materials, I/I/10- Raw materials, 12/31/10- Raw materials purchases- Indirect materials -$15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10- Finished goods, 12/31/10 - Direct labor - $30.000 Insurance, factory $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 $14,000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO X $90,000 MO $65,000 MO Factory manager's salary-$35,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, Short-term Investments $26.000 Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010.

Name: Superior Manufacturing Company has the following cost and expense dat
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Description: Superior Manufacturing Company has the following cost and expense data for the yearending December 31, 2010.Raw materials, I/1/10-Raw materials, 12/31/10-Raw materials purchasesIndirect materials - $15,000 MOWork in process, 1/1/10-Work in process,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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