REQUIRED 1. Prepare a spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheet
REQUIRED 1. Prepare a spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I'm so confused - i've forgotten some of this stuff.. especially B.

Transcribed Image Text:CHAPTER 27
Applying Your Knowled
PROBLEM 27-68 (continued)
Woods Company
Trial Balance
December 31, 20
4.
ACCOUNT TITLE
TRIAL BALANCE
6.
Cash
DEBIT
CREDIT
Government Notes
28,400.00
8
Interest Receivable
6,000.00
9.
Accounts Receivable
10
Allowance for Doubtful Accounts
32,800.00
11
Finished Goods Inventory
610.00
12
Work in Process Inventory
26,100.00
13
Materials Inventory
10,200.00
14
Estimated Returns Inventory
9,300.00
15 Office Supplies
65.00
16 Factory Supplies
4,200.00
17
Land
8,600.00
18
80,000.00
Factory Building
19 Accumulated Depreciation-Factory Building
20 Factory Equipment
160,000.00
30,000.00
60,000.00
21
Accumulated Depreciation-Factory Equipment
Accounts Payable
20,000.00
22
16,000.00
23
Customer Refunds Payable
125.00
24 Income Tax Payable
25 Interest Payable
26 Bonds Payable
100,000.00
27 Capital Stock
Paid-in Capital in Excess of Par
Retained Earnings
60,000.00
28
20,000.00
29
111,400.00
30
Cash Dividends
40,000.00
404,680.00
31
Sales
32
Sales Returns and Allowances
5,040.00
500.00
33
Interest Revenue
81,590.00
92,300.00
34 Factory Overhead
35
36
198,300.00
37
Cost of Goods Sold
78,700.00
38 Wages Expense
39 Office Supplies Expense
Bad Debt Expense
40
4,900.00
Utilities Expense-Office
9,000.00
41
Interest Expense
12,420.00
42
Income Tax Expense
855,615.00
855,615.00
43
44
45

Transcribed Image Text:Dec. 31 Interest Receivable
Interest Revenue
230
875
31 Interest Expense
Interest Payable
Work in Process Inventory
875
4,250
31
4,250
Factory Overhead
SERIES B PROBLEMS
SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS W
Company's trial balance columns from its spreadsheet are shown on the nevoods
Data for adjusting the accounts are as follows:
(a) Factory overhead to be applied to work in process ending inventory
(b) Estimate of this year's sales that will be returned next year
(c) Cost of goods expected to be returned
(d) Interest receivable
(e) Interest payable
(f) Estimate of uncollectible accounts, based on an aging
$ 4,300
1,010
490
100
700
of
4,110
accounts receivable
3,200
(g) Office supplies consumed
(h) Factory supplies consumed
(i) Factory building depreciation
(j) Factory equipment depreciation
(k) Underapplied factory overhead
(1) Provision for corporate income taxes
(m) Physical counts of the inventories agreed with the amounts in the books
6,700
10,000
6,000
7,690
8,100
Additional information needed to prepare the financial statements is as follows:
Beginning inventories:
Finished goods, January 1
Work in process, January 1
Materials inventory, January 1
Materials purchases for the
Direct labor
$ 22,300
12,400
7,900
18,700
90,300
104,290
year
Actual factory overhead
Assume that all materials inventory items are direct materials.
REQUIRED
1. Prepare a spreadsheet.
2. Prepare the following financial statements and schedule:
(a) income statement
(b) schedule of cost of goods manufactured
(c) statement of retained earnings
(d) balance sheet
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