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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education