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Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 65,000 34,000 22,000 0 9,000 3,000 Credit $ 9,600 12,600 30,000 92,000 185,800 120,000 24,000 53,000 $ 330,000 $ 330,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 531 Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 1,700 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. ľ Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $92,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit

Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 65,000 34,000 22,000 0 9,000 3,000 Credit $ 9,600 12,600 30,000 92,000 185,800 120,000 24,000 53,000 $ 330,000 $ 330,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 531 Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 1,700 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. ľ Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $92,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit

Accounting Information Systems
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter3: Ethics, Fraud, And Internal Control
Section: Chapter Questions
Problem 13P
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Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold. Factory overhead General and administrative expenses Totals Debit $ 65,000 34,000 22,000 Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: 0 9,000 3,000 Credit $ 9,600 12,600 30,000 92,000 185,800 120,000 24,000 53,000 $ 330,000 $ 330,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: $4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 1,700 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $92,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold. Factory overhead General and administrative expenses Totals Debit $ 65,000 34,000 22,000 Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: 0 9,000 3,000 Credit $ 9,600 12,600 30,000 92,000 185,800 120,000 24,000 53,000 $ 330,000 $ 330,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: $4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 1,700 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $92,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit
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