Indy Furniture Company Trial Balance November 30, 2011 Cash . ............................................. $21,800 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200 Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900 Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 Accumulated Depreciation—Building . .............. $3,000 Machinery and Equipment ......................... 88,000 Accumulated Depreciation—Mach. and Equip. . ..... 2,200 Accounts Payable . ................................. 8,900 Payroll . . .......................................... — Capital Stock . . . ................................... 422,550 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,300 Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,450 Factory Overhead . ................................. — Selling and Administrative Expenses . . . . . . . . . . . . . . . 15,200 $504,950 $504,950 The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were $33,000. c. Direct labor cost was $18,500. d. Factory overhead costs were as follows: Indirect materials . . ............................................. $ 1,400 Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 Depreciation—building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Depreciation—machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . 2,200 Utilities ........................................................ 2,750 $13,650 Required: 1. Prepare a statement of cost of goods manufactured for the month of November. LO4 LO5 Chapter 1 – Introduction to Cost Accounting 55 2. Prepare an income statement for the month of November. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings.)

Indy Furniture Company Trial Balance November 30, 2011 Cash . ............................................. $21,800 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200 Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900 Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 Accumulated Depreciation—Building . .............. $3,000 Machinery and Equipment ......................... 88,000 Accumulated Depreciation—Mach. and Equip. . ..... 2,200 Accounts Payable . ................................. 8,900 Payroll . . .......................................... — Capital Stock . . . ................................... 422,550 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,300 Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,450 Factory Overhead . ................................. — Selling and Administrative Expenses . . . . . . . . . . . . . . . 15,200 $504,950 $504,950 The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were $33,000. c. Direct labor cost was $18,500. d. Factory overhead costs were as follows: Indirect materials . . ............................................. $ 1,400 Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300 Depreciation—building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Depreciation—machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . 2,200 Utilities ........................................................ 2,750 $13,650 Required: 1. Prepare a statement of cost of goods manufactured for the month of November. LO4 LO5 Chapter 1 – Introduction to Cost Accounting 55 2. Prepare an income statement for the month of November. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings.)

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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Indy Furniture Company
Trial Balance
November 30, 2011

Cash . ............................................. $21,800
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,200
Finished Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,900
Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400
Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000
Accumulated Depreciation—Building . .............. $3,000
Machinery and Equipment ......................... 88,000
Accumulated Depreciation—Mach. and Equip. . ..... 2,200
Accounts Payable . ................................. 8,900
Payroll . . .......................................... —
Capital Stock . . . ................................... 422,550
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,300
Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,450
Factory Overhead . ................................. —
Selling and Administrative Expenses . . . . . . . . . . . . . . . 15,200

$504,950 $504,950
The general ledger reveals the following additional data:
a. There were no beginning inventories.
b. Materials purchases during the period were $33,000.
c. Direct labor cost was $18,500.
d. Factory overhead costs were as follows:
Indirect materials . . ............................................. $ 1,400
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300
Depreciation—building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000
Depreciation—machinery and equipment . . . . . . . . . . . . . . . . . . . . . . . . 2,200
Utilities ........................................................ 2,750
$13,650

Required:
1. Prepare a statement of cost of goods manufactured for the
month of November.

LO4
LO5

Chapter 1 – Introduction to Cost Accounting 55

2. Prepare an income statement for the month of November.
(Hint: Check to be sure that your figure for Cost of Goods Sold
equals the amount given in the trial balance.)
3. Prepare a balance sheet as of November 30. (Hint: Do not
forget Retained Earnings.)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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