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S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for 2019 and a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2019. BERGAMO BAY COMPANY Balance Sheet December 31, 2019 Assets

S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for 2019 and a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2019. BERGAMO BAY COMPANY Balance Sheet December 31, 2019 Assets

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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S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for 2019 and a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2019. BERGAMO BAY COMPANY Balance Sheet December 31, 2019 Assets
Transcribed Image Text:S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for 2019 and a balance sheet as of December 31, 2019. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2019. BERGAMO BAY COMPANY Balance Sheet December 31, 2019 Assets
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