Prepare cost of goods manufactured and statement of comprehensive income In March 31, 2021, the end of the fiscal year, the preliminary Trial Balance of MSL ManufacturingCompany showed the following information:Accounts PayableAccounts ReceivableAccrued ExpensesAccum. Depreciation-Factory BuildingAccum. Depreciation-Factory Equipment 78,000Accum. Depreciation-Office BuildingAccum. Depreciation-Office EquipmentAdvertising ExpenseAmortization of Patents375,000500,000143,50037,000Indirect LaborInterest ExpenseLand26,00015,200415,000240,00080,00085,00016,000350,000150,00083,00078,00050,000Limba, CapitalLimba, DrawingManuel, CapitalManuel, DrawingMiscellaneous Admin. ExpensesOffice BuildingOffice EquipmentOther Income800,000300,000600,000300,00026,000400,000200,000275,000Cash in BankCommission ExpenseDepreciation Expense-Factory BuildingDepreciation Expense-Factory Equipt.Depreciation Expense-Office BuildingDepreciation Expense-Office Equipment 37,000Direct LaborPatent219,00050,00014,000173,00013,65078,00031,000370,0002,330,000Prepaid InsuranceProperty Taxes-Factory SitePurchases - Raw MaterialsPurchase Discounts250,00028,300363,500450,00062,00074,00021,00095,00012,50022,65018,000Estimated Uncollectible AccountsRaw Materials Inventory, 3/31/21Repairs & Maintenance-Factory Equipt.Salaries ExpenseSalesSales DiscountsFactory EquipmentFactory Insurance ExpenseFactory SupervisionFactory Supplies ExpenseFactory UtilitiesFinished Goods Inventory, 3/31/21Freight InFreight OutSantos, CapitalSantos, DrawingUncollectible Accounts ExpenseUnused SuppliesWork in Process, 3/31,2118,300600,000300,00028,0009,80012,000

cost of goods manufactured that refers to schedule or statement that shows total production costs…

In March 31, 2021, the end of the fiscal year, the preliminary Trial Balance of MSL Manufacturing Company showed the following information: Accounts Payable Accounts Receivable Accrued Expenses Accum. Depreciation-Factory Building Accum. Depreciation-Factory Equipment 78,000 Accum. Depreciation-Office Building Accum. Depreciation-Office Equipment Advertising Expense Amortization of Patents Cash in Bank 375,000 500,000 143,500 37,000 Indirect Labor Interest Expense Land Limba, Capital Limba, Drawing Manuel, Capital Manuel, Drawing Miscellaneous Admin. Expenses Office Building Office Equipment 26,000 15,200 415,000 800,000 300,000 600,000 300,000 26,000 400,000 200,000 240,000 80,000 85,000 16,000 350,000

In March 31, 2021, the end of the fiscal year, the preliminary Trial Balance of MSL Manufacturing Company showed the following information: Accounts Payable Accounts Receivable Accrued Expenses Accum. Depreciation-Factory Building Accum. Depreciation-Factory Equipment 78,000 Accum. Depreciation-Office Building Accum. Depreciation-Office Equipment Advertising Expense Amortization of Patents Cash in Bank 375,000 500,000 143,500 37,000 Indirect Labor Interest Expense Land Limba, Capital Limba, Drawing Manuel, Capital Manuel, Drawing Miscellaneous Admin. Expenses Office Building Office Equipment 26,000 15,200 415,000 800,000 300,000 600,000 300,000 26,000 400,000 200,000 240,000 80,000 85,000 16,000 350,000

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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