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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

FINANCIAL ACCOUNTING
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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I'm so confused - i've forgotten some of this stuff.. especially B.

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: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
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
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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