Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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 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 375,000 500,000 143,500 37,000 Indirect Labor Interest Expense Land 26,000 15,200 415,000 240,000 80,000 85,000 16,000 350,000 150,000 83,000 78,000 50,000 Limba, Capital Limba, Drawing Manuel, Capital Manuel, Drawing Miscellaneous Admin. Expenses Office Building Office Equipment Other Income 800,000 300,000 600,000 300,000 26,000 400,000 200,000 275,000 Cash in Bank Commission Expense Depreciation Expense-Factory Building Depreciation Expense-Factory Equipt. Depreciation Expense-Office Building Depreciation Expense-Office Equipment 37,000 Direct Labor Patent 219,000 50,000 14,000 173,000 13,650 78,000 31,000 370,000 2,330,000 Prepaid Insurance Property Taxes-Factory Site Purchases - Raw Materials Purchase Discounts 250,000 28,300 363,500 450,000 62,000 74,000 21,000 95,000 12,500 22,650 18,000 Estimated Uncollectible Accounts Raw Materials Inventory, 3/31/21 Repairs & Maintenance-Factory Equipt. Salaries Expense Sales Sales Discounts Factory Equipment Factory Insurance Expense Factory Supervision Factory Supplies Expense Factory Utilities Finished Goods Inventory, 3/31/21 Freight In Freight Out Santos, Capital Santos, Drawing Uncollectible Accounts Expense Unused Supplies Work in Process, 3/31,21 18,300 600,000 300,000 28,000 9,800 12,000
Transcribed Image Text: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 375,000 500,000 143,500 37,000 Indirect Labor Interest Expense Land 26,000 15,200 415,000 240,000 80,000 85,000 16,000 350,000 150,000 83,000 78,000 50,000 Limba, Capital Limba, Drawing Manuel, Capital Manuel, Drawing Miscellaneous Admin. Expenses Office Building Office Equipment Other Income 800,000 300,000 600,000 300,000 26,000 400,000 200,000 275,000 Cash in Bank Commission Expense Depreciation Expense-Factory Building Depreciation Expense-Factory Equipt. Depreciation Expense-Office Building Depreciation Expense-Office Equipment 37,000 Direct Labor Patent 219,000 50,000 14,000 173,000 13,650 78,000 31,000 370,000 2,330,000 Prepaid Insurance Property Taxes-Factory Site Purchases - Raw Materials Purchase Discounts 250,000 28,300 363,500 450,000 62,000 74,000 21,000 95,000 12,500 22,650 18,000 Estimated Uncollectible Accounts Raw Materials Inventory, 3/31/21 Repairs & Maintenance-Factory Equipt. Salaries Expense Sales Sales Discounts Factory Equipment Factory Insurance Expense Factory Supervision Factory Supplies Expense Factory Utilities Finished Goods Inventory, 3/31/21 Freight In Freight Out Santos, Capital Santos, Drawing Uncollectible Accounts Expense Unused Supplies Work in Process, 3/31,21 18,300 600,000 300,000 28,000 9,800 12,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS