QUESTION 4P19.4A (Pg. 19-36)P19.4A (LO 3) The following data were taken from the records of Clarkson Companyfor the fiscal year ended June 30, 2020.Prepare a cost of goods manufactured schedule, a partial income statement, and apartial balance sheet.$ 4,600Factory InsuranceFactory MachineryRaw MaterialsInventory 7/1/1948,000DepreciationFactory UtilitiesRaw Materials16,00027,600Inventory6/30/2039,600Finished GoodsOffice Utilities Expense8,650Inventory 7/1/1996,000Sales Revenue534,000Finished GoodsSales Discounts4,200Inventory6/30/20Plant Manager's Salary58,00075,900Factory Property TaxesFactory RepairsWork in Process9,600Inventory 7/1/1919,8001,400Work in ProcessRaw Materials96.400PurchasesInventory6/30/2018,600Cash32,000Direct Labor139,250Indirect LaborAccountsReceivable24,46027,000Instructions•a. Prepare a cost of goods manufactured schedule. (Assume all raw materialsused were direct materials.)•b. Prepare an income statement through gross profit.•c. Prepare the current assets section of the balance sheet at June 30, 2020.a. CGM $386,910b. Gross profit $122,790c. Current assets $193,100

Raw material available=Opening Raw material+Purchases=$48,000+$96,400=$144,400

P19.4A (Pg. 19-36) P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. $ 4,600 Factory Insurance Factory Machinery Raw Materials Inventory 7/1/19 24 48,000 Raw Materials Depreciation 16,000 Inventory 6/30/20 39,600 Factory Utilities 27,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 4,200 58,000 Finished Goods Sales Discounts Inventory 6/30/20 75,900 Plant Manager's Salary Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 Work in Process Raw Materials 96.400 71555 Purchases 18,600 Cash 32,000 Inventory 6/30/20 Direct Labor Indirect Labor 139,250 24,460 27,000 Accounts Receivable Instructions •a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) •b. Prepare an income statement through gross profit. •c. Prepare the current assets section of the balance sheet at June 30, 2020.

P19.4A (Pg. 19-36) P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. $ 4,600 Factory Insurance Factory Machinery Raw Materials Inventory 7/1/19 24 48,000 Raw Materials Depreciation 16,000 Inventory 6/30/20 39,600 Factory Utilities 27,600 Finished Goods Office Utilities Expense 8,650 Inventory 7/1/19 96,000 Sales Revenue 534,000 4,200 58,000 Finished Goods Sales Discounts Inventory 6/30/20 75,900 Plant Manager's Salary Factory Property Taxes Factory Repairs Work in Process 9,600 Inventory 7/1/19 19,800 1,400 Work in Process Raw Materials 96.400 71555 Purchases 18,600 Cash 32,000 Inventory 6/30/20 Direct Labor Indirect Labor 139,250 24,460 27,000 Accounts Receivable Instructions •a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) •b. Prepare an income statement through gross profit. •c. Prepare the current assets section of the balance sheet at June 30, 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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