Make the Statement of Financial Position by making the Statement of Income and Statement of Equity. Inlude the notes. Jenna Company has provided the following data concerning its opera-tions for the year ended December 31, 2022Raw materials on hand, December 31Work in process, December 31Finished goods, December 31Factory supplies on hand, December 31SalesFactory maintenanceAdministrative salariesDiscounts on raw materials purchasesDelivery expensesInterest incomeFactory supplies usedCommon stock (P10 par value)Retained earningsTrade accounts payable(Balance as of 12/31 P660,300)Accumulated depreciation-factory building and equipmentBuilding and equipmentTrade accounts receivableCashFinished goods, January 1, 2022Direct laborBad debt expenseFactory power and heatAdvertisingInsurance expired-factory building and equipmentWork in process, January 1, 2022Depreciation-factory building and equipmentFactory superintendenceInterest expenseRaw materials purchasedIndirect factory laborSales returnsSales discountsP24,00030,00040,00014,0001,100,00038,400108,0004,20016,0001,00022,4002,000,000525,000273,50047,500500,000450,000170,00037,500180,0002,50019,4008,4004,80084,00017,500100,0001,500400,00020,0002,2001,300Include "Land" as the balancing figureRequired: Prepare the 3 financial statements with supporting schedules and notes.

The Inventory is to be calculated as- Inventory: Raw Materials $ 24,000 Work in…

Answered: Make the Statement of Financial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Make the Statement of Financial Position by making the Statement of Income and Statement of Equity. Inlude the notes.

Jenna Company has provided the following data concerning its opera-
tions for the year ended December 31, 2022
Raw materials on hand, December 31
Work in process, December 31
Finished goods, December 31
Factory supplies on hand, December 31
Sales
Factory maintenance
Administrative salaries
Discounts on raw materials purchases
Delivery expenses
Interest income
Factory supplies used
Common stock (P10 par value)
Retained earnings
Trade accounts payable
(Balance as of 12/31 P660,300)
Accumulated depreciation-factory building and equipment
Building and equipment
Trade accounts receivable
Cash
Finished goods, January 1, 2022
Direct labor
Bad debt expense
Factory power and heat
Advertising
Insurance expired-factory building and equipment
Work in process, January 1, 2022
Depreciation-factory building and equipment
Factory superintendence
Interest expense
Raw materials purchased
Indirect factory labor
Sales returns
Sales discounts
P
24,000
30,000
40,000
14,000
1,100,000
38,400
108,000
4,200
16,000
1,000
22,400
2,000,000
525,000
273,500
47,500
500,000
450,000
170,000
37,500
180,000
2,500
19,400
8,400
4,800
84,000
17,500
100,000
1,500
400,000
20,000
2,200
1,300
Include "Land" as the balancing figure
Required: Prepare the 3 financial statements with supporting schedules and notes.

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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