Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission. Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Income Tax expense Factory supplies Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue $150,000 Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $150,000 $400,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000
Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission. Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Income Tax expense Factory supplies Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue $150,000 Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $150,000 $400,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A1
Transcribed Image Text:Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the
Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade
Manufacturing Organization.
Dividend
Transportation OUT
Transportation In for materials purchased
Work in process Jan 1, 2016
Inventory of Materials, December 31, 2016
Direct Labor
Inventory of Materials, January 1, 2016
Finished goods, December 31, 2016
Factory Payroll to other employees in the factory $200,000
Depreciation Factory Machinery
Depreciation Office building
Work in process, December 31, 2016
Finished Goods, January 1, 2016
Direct Materials purchased
Sales Returns and Allowances
Purchases Discount on materials purchased
Sales Commission
Purchases Returns and Allowances on Materials
Sales Discount
Sales
Administrative Office Salaries
Advertising expense
Bad Debt Expense
Income Tax expense
Factory supplies
$150,000
Administrative Office Supplies
Maintenance-Office Equipment
Maintenance Factory Machinery
Utilities Expense-Office Building
Utilities Expense-Factory Building
Interest Revenue
Gain on Sale of Stock
Loss on Sale of Furniture
Interest Expense
$90,000
$70,000
$400,000
$150,000
$300,000
$150,000
$200,000
$100,000
$250,000
$200,000
$75,000
$300,000
$800,000
$50,000
$15,000
$70,000
$25,000
$30,000
$60,000
$5,000,000
$120,000
$60,000
$15,000
$45,000
$120,000
$90,000
$110,000
$130,000
$60,000
$120,000
$30,000
$20,000
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