[The following information applies to the questions disp The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company, Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales. $ 28,750 7,250 8,600 49,325 925,000 $ 166,850 182,000 15,700 4,462,500 19,380 167,350 136,490 35,400 33,000 675,480 159,475 63,000 sing the following additional information for Leone Company, complete the quirements below. 22,000 26,100 76,800 392,560 Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending quired: 1. Prepare the schedule of cost of goods manufactured for the current year 2. Prepare the current year income statement.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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[The following information applies to the questions displayed below.]
The following year-end information is taken from the December 31
adjusted trial balance and other records of Leone Company.
Advertising expense.
Depreciation expense-Office equipment
Depreciation expense-Selling equipment
Depreciation expense-Factory equipment
Raw materials purchases (all direct materials)
Maintenance expense-Factory equipment
Factory utilities
Direct labor
Indirect labor
Office salaries expense
Rent expense-Office space
Rent expense-Selling space
Rent expense-Factory building.
Sales salaries expense.
Raw materials inventory, beginning
Raw materials inventory, ending
Work in process inventory, beginning
Sales
Using the following additional information for Leone Company, complete the
requirements below.
$ 166,850
182,000
15,700
Required 1
$ 28,750
7,250
8,600
49,325
925,000
35,400
33,000
675,480
159,475
4,462,500
19,380
167,350
136,490
Required 2
63,000
22,000
26,100
76,800
392,560
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Required:
1. Prepare the schedule of cost of goods manufactured for the current year.
2. Prepare the current year income statement.
Complete this question by entering your answers in the tabs below.
Prepare the schedule of cost of goods manufactured for the current year.
LEONE COMPANY
Schedule of Cost of Goods Manufactured
For Year Ended December 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0b8333b9-d7b4-4125-8a80-76b49df5ef99%2Fa2c1c154-8451-4ad5-a26c-6be7cd861938%2Fcpp7zvg_processed.jpeg&w=3840&q=75)
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