NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) securities Cash and marketable Accounts and notes receivable Direct materials inventory (April 30) Work-in-process inventory (April 30) Finished goods inventory (April 30) Property, plant, and equipment (net) Accounts, notes, and taxes payable Bonds payable Paid-in capital Retained earnings Sales Sales discounts Other revenue Purchases of direct materials Direct labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Interest expense Freight-in for materials purchases $ 55 210 48 190 307 1,290 80 520 90 900 1,932 30 2 610 380 130 162 82 195 29 100 25 58 13 35 Required: 1. Prepare a statement of cost of goods manufactured for Norton Industries for May. 2. Prepare an income statement for Norton Industries for May.
NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) securities Cash and marketable Accounts and notes receivable Direct materials inventory (April 30) Work-in-process inventory (April 30) Finished goods inventory (April 30) Property, plant, and equipment (net) Accounts, notes, and taxes payable Bonds payable Paid-in capital Retained earnings Sales Sales discounts Other revenue Purchases of direct materials Direct labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Interest expense Freight-in for materials purchases $ 55 210 48 190 307 1,290 80 520 90 900 1,932 30 2 610 380 130 162 82 195 29 100 25 58 13 35 Required: 1. Prepare a statement of cost of goods manufactured for Norton Industries for May. 2. Prepare an income statement for Norton Industries for May.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash and marketable securities
Accounts and notes receivable
Direct materials inventory (April 30)
Work-in-process inventory (April 30)
Finished goods inventory (April 30)
Property, plant, and equipment (net)
Accounts, notes, and taxes payable
Bonds payable
Paid-in capital
Retained earnings
NORTON INDUSTRIES
Preclosing Account Balances
May 31
($000 omitted)
Sales
Sales discounts
Other revenue
Purchases of direct materials
Direct labor
Indirect factory labor
Office salaries
Sales salaries
Utilities
Rent
Property tax
Insurance
Depreciation
Interest expense
Freight-in for materials purchases
$ 55
210
48
190
307
1,290
80
520
90
900
1,932
30
2
610
380
130
162
82
195
29
100
25
58
13
35
Required:
1. Prepare a statement of cost of goods manufactured for Norton Industries for May.
2. Prepare an income statement for Norton Industries for May."
Transcribed Image Text:es
Cash and marketable securities
Accounts and notes receivable
Direct materials inventory (April 30)
Work-in-process inventory (April 30)
Finished goods inventory (April 30)
Property, plant, and equipment (net)
Accounts, notes, and taxes payable
Bonds payable
Paid-in capital
Retained earnings
NORTON INDUSTRIES
Preclosing Account Balances
May 31
($000 omitted)
Sales
Sales discounts
Other revenue
Purchases of direct materials
Direct labor
Indirect factory labor
Office salaries
Sales salaries
Utilities
Rent
Property tax
Insurance
Depreciation
Interest expense
Freight-in for materials purchases
$ 55
210
48
190
307
1,290
80
520
90
900
1,932
30
2
610
380
130
162
82
195
29
100
25
58
13
35
Required:
1. Prepare a statement of cost of goods manufactured for Norton Industries for May.
2. Prepare an income statement for Norton Industries for May.
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