Show Me HowPrint itemManufacturing Company Balance SheetPartial balance sheet data for Upper Crust Company at August 31 are as follows:Finished goods inventory46,000Prepald Insurance6,100Accounts receivable15,600Work in process inventory24,000Supplies10,800Materials inventory13.200Cash16,800Prepate the Current Assets section of Upper Crust Companys balance sheet at Auguit 31Upper Crust CompanyBalance SheetAugust 31Current assetsTeventories 00Cash16,800Prepare the Current Assets section of Upper Crust Company's balance sheet at August 31.Upper Crust CompanyBalance SheetAugust 31Current assets:Inventories:Total inventoriesTotal current åssets

Preparation of the current assets section of Upper Crust company's balance sheet at August 31 is as…

Show Me How Print tem Manufacturing Company Balance Sheet Partial balance sheet data for Upper Crust Company at August 31 are as follows: Finished goods inventory $6,000 Prepald insurance 6,100 Accounts receivable 15,600 Work in process inventory 24,000 Supplies 10,800 Materials inventory 13.200 Cash 16,800 Prepate the Current Assets section of Upper Crust Cotmpanys balance sheet at Auguit 31. Upper Crust Company Balance Sheet August 31 Current assets

Show Me How Print tem Manufacturing Company Balance Sheet Partial balance sheet data for Upper Crust Company at August 31 are as follows: Finished goods inventory $6,000 Prepald insurance 6,100 Accounts receivable 15,600 Work in process inventory 24,000 Supplies 10,800 Materials inventory 13.200 Cash 16,800 Prepate the Current Assets section of Upper Crust Cotmpanys balance sheet at Auguit 31. Upper Crust Company Balance Sheet August 31 Current assets

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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The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 2,160,000 540,000 $ 144,000 1,239, 840 354,600 1,171,944 1,620,000 Liabilities Liabilities and Equity Accounts payable Loan payable Long-term note payable Equity Common stock Retained earnings $ 723,600 12,000 1,800,000 1,206,000 788,784 $ 2,535,600 1,994,784 $4,530,384 Total assets $4,530,384 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 73,800 units. Budgeted sales in units follow: April, 73,800; May, 70,200; June, 72,000; and July, 73,800. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 2,160,000 540,000 $ 144,000 1,239, 840 354,600 1,171,944 1,620,000 Liabilities Liabilities and Equity Accounts payable Loan payable Long-term note payable Equity Common stock Retained earnings $ 723,600 12,000 1,800,000 1,206,000 788,784 $ 2,535,600 1,994,784 $4,530,384 Total assets $4,530,384 Total liabilities and equity To prepare a master budget April, May, and June, management gathers the following information. a. Sales for March total 73,800 units. Budgeted sales in units follow: April, 73,800; May, 70,200; June, 72,000; and July, 73,800. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
Prepare an income statement and a statement of financial position in accordance with current cost accounting. Problern 23-12 (IAA) Legaspi Company was formed on January 1, 2020. The entity venorted the following financial statements pertaining to the first year of operations: Sales Cost of goods sold: Inventory- January 1 Purchases 5,000,000 1,000,000 3,100,000 Goods available for sale Inventory -December 31 4,100,000 ( 900,000) 3,200,000 Gross income Operating expenses: Expenses Depreciation 1,800,000 700,000 100,000 800,000 Income before income tax Less: Income tax 1,000,000 350,000 Net income 650,000 Assets Сash Accounts receivable Inventory Land Equipment (10-year life) Accumulated depreciation 500,000 600,000 900,000 800,000 1,000,000 ( 100,000) Total assets 3,700,000 Liabilities and Shareholders' Equity Accounts payable Notes payable Income tax payable Share capital Retained earnings: Net income Dividėnds 500,000 400,000 350,000 2,000,000 650,000 ( 200,000) 450,000 Total…
Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 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. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…
The following information applies to the questions displayed below.]Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 32,700 $ 37,849 $ 37,130 Accounts receivable, net 94,775 65,580 51,527 Merchandise inventory 120,330 86,659 53,800 Prepaid expenses 10,118 10,034 4,252 Plant assets, net 285,450 268,303 235,991 Total assets $ 543,373 $ 468,425 $ 382,700 Liabilities and Equity Accounts payable $ 138,006 $ 78,372 $ 51,022 Long-term notes payable 100,111 107,738 83,731 Common stock, $10 par value 163,500 163,500 162,500 Retained earnings 141,756 118,815 85,447 Total liabilities and equity $ 543,373 $ 468,425 $ 382,700 The company’s income statements for the current year and 1 year ago, follow. For Year Ended December 31 Current Year 1 Year Ago Sales $ 706,385 $ 557,426 Cost of goods sold $ 430,895 $ 362,327 Other operating expenses 218,979 141,029 Interest…
Simon Company's year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 29,484 $ 34,808 $ 35,907 Accounts receivable, net 84,598 59,105 49,830 Merchandise inventory 104,217 80,494 51,503 Prepaid expenses 9,590 8,775 4,071 Plant assets, net 271,834 247,614 228,789 Total assets $ 499,723 $ 430,796 $ 370,100 Liabilities and Equity Accounts payable $ 124,431 $ 73,533 $ 50,319 Long-term notes payable 94,887 100,074 81,792 Common stock, $10 par value 162,500 162,500 162,500 Retained earnings 117,905 94,689 75,489 Total liabilities and equity $ 499,723 $ 430,796 $ 370,100 For both the current year and one year ago, compute the following ratios: 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the…
A company reports the following:Sales $4,400,000Average total assets 2,000,000Determine the asset turnover ratio. Round to one decimal place.
The following information is given to you from which you are required to prepare a Statement of Cost and Sales for the period ended on 30th June 2023:Consumable material: KOpening stock 20,000Purchases 122,000Closing stock 10,000Direct wages 36,000Direct Expenses 24,000Factory overheads 50 % of direct wagesOffice and administration overheads 20% of works costSelling and distribution expenses K3 per unit soldUnits of finished goods:In hand at the beginning of the period (Value K12,500) 500Units produced during the period 12,000In hand at the end of the period 1,500Profit on selling price 20% There is no work-in-progress either at the beginning or at the end of the period.
On December 31, Pitts Manufacturing Company reports the following assets: what is the total amount of Pitts’ inventory at year-end?
PROVIDE Answer with calculation
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Locomotive Division Cost of goods sold Direct operating expenses Sales Interest expense General overhead. Income tax Rails Division $ 47,200 27,200 108,000 The income from operations for the Rails Division is O $21,150 Ob. $33,600 O $8,700 O d. $60,800 $30,720 20,040 78,000 Corporate Total $2,040 18,160 4,700
Single-Step Income Statement The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8: Cash $187,875 Retained Earnings $ 571,050 Accounts Receivable 337,500 Dividends 281,250 Inventory 855,000 Sales 8,025,750 Estimated Returns Inventory 78,750 Cost of Goods Sold 4,893,750 Office Supplies 33,750 Sales Salaries Expense 874,800 Prepaid Insurance 27,000 Advertising Expense 103,275 Office Equipment 259,200 Depreciation Expense— Store Equipment 18,675 Accumulated Depreciation— Office Equipment 111,375 Miscellaneous Selling Expense 4,500 Store Equipment 1,150,875 Office Salaries Expense 174,150 Accumulated Depreciation— Store Equipment 420,075 Rent Expense 89,775 Accounts Payable 109,350 Insurance Expense 51,638 Customer Refunds Payable 78,750 Depreciation Expense— Office Equipment 36,450…