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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare cost of goods manufactured and statement of comprehensive income

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
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