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 Income Statement Debit $ 70,000 39,000 24,500 Balance Sheet 0 6,000 2,000 Prepare an income statement. 108,000 25,000 37,000 $ 311,500 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: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. BERGO BAY COMPANY Credit 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $113,500 at the end of the current year. $ 8,900 11,900 20,000 92,000 178,700 Complete this question by entering your answers in the tabs below. $ 311,500
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 Income Statement Debit $ 70,000 39,000 24,500 Balance Sheet 0 6,000 2,000 Prepare an income statement. 108,000 25,000 37,000 $ 311,500 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: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. BERGO BAY COMPANY Credit 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $113,500 at the end of the current year. $ 8,900 11,900 20,000 92,000 178,700 Complete this question by entering your answers in the tabs below. $ 311,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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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
Income
Statement
Debit
$ 70,000
39,000
24,500
0
6,000
2,000
Balance Sheet
108,000
25,000
37,000
$ 311,500
Prepare an income statement.
Credit
These six documents must be processed to bring the accounting records up to date.
Materials requisition 10:
Materials requisition 11:
Materials requisition 12:
$ 4,900 direct materials to Job 402
$ 7,400 direct materials to Job 404
$ 2,200 indirect materials
$7,000 direct labor to Job 402
Labor time ticket 52:
Labor time ticket 53:
$ 13,000 direct labor to Job 404
$5,000 indirect labor
Labor time ticket 54:
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.
BERGO BAY COMPANY
$ 8,900
11,900
20,000
4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $113,500 at the end of
the current year.
92,000
178,700
Complete this question by entering your answers in the tabs below.
$ 311,500
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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
Income
Statement
Debit
$ 70,000
39,000
24,500
0
6,000
2,000
Balance Sheet
108,000
25,000
37,000
$ 311,500
Prepare an income statement.
Credit
These six documents must be processed to bring the accounting records up to date.
Materials requisition 10:
Materials requisition 11:
Materials requisition 12:
$ 4,900 direct materials to Job 402
$ 7,400 direct materials to Job 404
$ 2,200 indirect materials
$7,000 direct labor to Job 402
Labor time ticket 52:
Labor time ticket 53:
$ 13,000 direct labor to Job 404
$5,000 indirect labor
Labor time ticket 54:
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.
BERGO BAY COMPANY
$ 8,900
11,900
20,000
4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $113,500 at the end of
the current year.
92,000
178,700
Complete this question by entering your answers in the tabs below.
$ 311,500
< Prev
S
19
of 19
#
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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
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Debit
$ 70,000
39,000
24,500
BERGO BAY COMPANY
List of Account Balances
December 31
0
6,000
2,000
Debit
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:
$ 4,900 direct materials to Job 402
$ 7,400 direct materials to Job 404
$ 2,200 indirect materials
$7,000 direct labor to Job 402
Labor time ticket 53:
$ 13,000 direct labor to Job 404
$5,000 indirect labor
Labor time ticket 54:
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.
Credit
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.
$ 8,900
11,900
20,000
92,000
178,700
108,000
25,000
37,000
$ 311,500 $ 311,500
Credit
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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
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Debit
$ 70,000
39,000
24,500
BERGO BAY COMPANY
List of Account Balances
December 31
0
6,000
2,000
Debit
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:
$ 4,900 direct materials to Job 402
$ 7,400 direct materials to Job 404
$ 2,200 indirect materials
$7,000 direct labor to Job 402
Labor time ticket 53:
$ 13,000 direct labor to Job 404
$5,000 indirect labor
Labor time ticket 54:
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost.
Credit
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.
$ 8,900
11,900
20,000
92,000
178,700
108,000
25,000
37,000
$ 311,500 $ 311,500
Credit
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