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The following year-end 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 Work in process inventory, ending Finished goods inventory, beginning Inmotory, ending $ 28,750 7,250 8,600 49,325 925,000 35,400 $ 166,850 182,000 15,700 4,462,500 19.380 167,350 136,490 33,000 675,480 159,475 63,000 22,000 26,100 mg the following additional Information for Leone Company, complete the requirements below. aw materials inventory, beginning aw materials inventory, ending ork in process inventory, beginning sales 76,800 392,560

The following year-end 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 Work in process inventory, ending Finished goods inventory, beginning Inmotory, ending $ 28,750 7,250 8,600 49,325 925,000 35,400 $ 166,850 182,000 15,700 4,462,500 19.380 167,350 136,490 33,000 675,480 159,475 63,000 22,000 26,100 mg the following additional Information for Leone Company, complete the requirements below. aw materials inventory, beginning aw materials inventory, ending ork in process inventory, beginning sales 76,800 392,560

FINANCIAL ACCOUNTING
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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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. Required Required 2 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Finished goods inventory ending Goods available for sale Cost of goods sold 0 0
Transcribed Image Text: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. Required Required 2 Prepare the current year income statement. LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Finished goods inventory ending Goods available for sale Cost of goods sold 0 0
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 $ 28,750 7,250 8,600 49,325 Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Using the following additional information for Leone Company, complete the requirements below. $ 166,850 Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales 182,000 15,700 4,462,500 19.380 167,350 136,490
Transcribed Image Text: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 $ 28,750 7,250 8,600 49,325 Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 925,000 35,400 33,000 675,480 159,475 63,000 22,000 26,100 76,800 392,560 Using the following additional information for Leone Company, complete the requirements below. $ 166,850 Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales 182,000 15,700 4,462,500 19.380 167,350 136,490
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