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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Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
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Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch
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ok ences QS 14-12 (Algo) Preparing a balance sheet LO P1 Prepare the current assets section of the balance sheet at December 31 for Bin Manufacturing using the following information. Hint Not all information given is needed for the solution. Cash Accounts payable Raw materials inventory General and administrative expenses Accounts receivable, net Selling expenses Finished goods inventory Work in process inventory Prepaid insurance Cost of goods sold BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $ 22,100 2,100 8,100 42, 100 12, 100 12, 100 22, 100 18, 100 4,100 33, 100
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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
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