[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year). Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 27,000 0 12,000 4,000 116,000 27,000 48,000 $ 353,000 Credit $ 11,100 14,100 40,000 91,000 196,800 $ 353,000 These six documents must be processed to bring the accounting records up to date. $ 4,500 direct materials to Job 402 $7,800 direct materials to Job 404 $ 2,100 indirect materials Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 521 Labor time ticket 531 Labor time ticket 541 $ 4,000 direct labor to Job 402 $ 16,000 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 150% of direct labor cost. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $91,000 in this list.
[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year). Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 75,000 44,000 27,000 0 12,000 4,000 116,000 27,000 48,000 $ 353,000 Credit $ 11,100 14,100 40,000 91,000 196,800 $ 353,000 These six documents must be processed to bring the accounting records up to date. $ 4,500 direct materials to Job 402 $7,800 direct materials to Job 404 $ 2,100 indirect materials Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 521 Labor time ticket 531 Labor time ticket 541 $ 4,000 direct labor to Job 402 $ 16,000 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 150% of direct labor cost. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $91,000 in this list.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[The following information applies to the questions displayed below.]
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager
knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory.
and the accrued factory payroll (Factory Wages Payable) has not been recorded.
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Finished goods inventory
Prepaid rent
Accounts payable
Notes payable
Common stock
Retained earnings (prior year)
Sales
Cost of goods sold
Factory overhead
General and administrative expenses
Totals
Debit
$ 75,000
44,000
27,000
0
12,000
4,000
116,000
27,000
48,000
$ 353,000
Credit
$11,100
14,100
40,000
91,000
196,800
$ 353,000
These six documents must be processed to bring the accounting records up to date.
Materials requisition 101
Materials requisition 111
Materials requisition 12:
Labor time ticket 52:
$ 4,500 direct materials to Job 402
$7,800 direct materials to Job 404
$2,100 indirect materials
$ 4,000 direct labor to Job 402
Labor time ticket 531
Labor time ticket 54:
$ 16,000 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 150% of direct labor cost.
3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $91,000 in this
list.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb6d72a6-8974-4bfb-9c04-cc9e9e396429%2F9cedff66-298f-4c3a-8626-f1713bfbe23f%2Fgk8suml_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3
art 3 of 4
ints
eBook
Print
References
Required information
[The following information applies to the questions displayed below.]
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager
knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory.
and the accrued factory payroll (Factory Wages Payable) has not been recorded.
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Finished goods inventory
Prepaid rent
Accounts payable
Notes payable
Common stock
Retained earnings (prior year)
Sales
Cost of goods sold
Factory overhead
General and administrative expenses
Totals
Debit
$ 75,000
44,000
27,000
0
12,000
4,000
116,000
27,000
48,000
$ 353,000
Credit
$11,100
14,100
40,000
91,000
196,800
$ 353,000
These six documents must be processed to bring the accounting records up to date.
Materials requisition 101
Materials requisition 111
Materials requisition 12:
Labor time ticket 52:
$ 4,500 direct materials to Job 402
$7,800 direct materials to Job 404
$2,100 indirect materials
$ 4,000 direct labor to Job 402
Labor time ticket 531
Labor time ticket 54:
$ 16,000 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 150% of direct labor cost.
3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $91,000 in this
list.
Transcribed Image Text:BERGO BAY COMPANY
List of Account Balances
December 31
Cash
Accounts receivable
Raw materials inventory
Work in process inventory.
Finished goods inventory
Prepaid rent
Accounts payable
Factory wages payable
Notes payable
Common stock
Retained earnings (prior year)
Sales
Cost of goods sold
Factory overhead
General and administrative expenses
Totals
$
Debit
$
Credit
0
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