College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 27, Problem 6SPB
SPREADSHEET,
Additional information needed to prepare the financial statements is as follows:
Assume that all materials inventory items are direct materials.
Required
- 1. Prepare a spreadsheet.
- 2. Prepare the following financial statements and schedule:
- (a) income statement
- (b) schedule of cost of goods manufactured
- (c) statement of
retained earnings - (d)
balance sheet
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Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts).
Prepare an income statement. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.
Vai
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
Chapter 27 Solutions
College Accounting, Chapters 1-27
Ch. 27 - Under the perpetual inventory system, Cost of...Ch. 27 - Prob. 2TFCh. 27 - On the spreadsheet, the factory overhead account...Ch. 27 - Prob. 4TFCh. 27 - The adjustment for factory overhead applied to...Ch. 27 - LO2 The adjustment for the amount of factory...Ch. 27 - The adjustment for depreciation expense for the...Ch. 27 - At the end of the accounting period, a credit...Ch. 27 - Prob. 4MCCh. 27 - Prob. 5MC
Ch. 27 - LO2 Prepare adjusting entries at December 31 for J...Ch. 27 - Prob. 2CECh. 27 - Prob. 3CECh. 27 - Prob. 1RQCh. 27 - Prob. 2RQCh. 27 - Prob. 3RQCh. 27 - Prob. 4RQCh. 27 - Prob. 5RQCh. 27 - What are the distinctive features of ToyJoys...Ch. 27 - Prob. 7RQCh. 27 - Prob. 8RQCh. 27 - Prob. 9RQCh. 27 - ADJUSTING ENTRIES INCLUDING ADJUSTMENT FOR...Ch. 27 - Prob. 2SEACh. 27 - Prob. 3SEACh. 27 - CLOSING JOURNAL ENTRIES Prepare closing journal...Ch. 27 - REVERSING JOURNAL ENTRIES Prepare reversing...Ch. 27 - SPRE ADSHEET, ADJUSTING ENTRIES, AND FIN ANCIAL...Ch. 27 - FINANCIAL STATEMENTS The adjusted trial balance...Ch. 27 - ADJUSTING. CLOSING. AND REVERSING ENTRIES A...Ch. 27 - ADJUSTING ENTRIES INCLUDING ADJUSTMENT FOR...Ch. 27 - Prob. 2SEBCh. 27 - ADJUSTING JOURNAL ENTRIES FOR A MANUFACTURING...Ch. 27 - Prob. 4SEBCh. 27 - REVERSING ENTRIES Prepare reversing journal...Ch. 27 - SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL...Ch. 27 - FINANCIAL STATEMENTS The adjusted trial balance...Ch. 27 - Prob. 8SPBCh. 27 - Prob. 1MYWCh. 27 - Reese Manufacturing Company manufactures and sells...Ch. 27 - Drafts of the condensed income statement and...
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- SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Companys trial balance columns from its spreadsheet are shown on the next page. Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: Assume that all materials inventory items are direct materials. REQUIRED 1. Prepare a spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheetarrow_forwardIndicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forwardI need help with Req 2 and Req 3Barrow_forward
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardRequired: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. 3. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. (Round your percentages and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4. Prepare an income statement for the year. (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.)arrow_forward.arrow_forward
- Hello, can you please complete the steps below for the following question on the photo. Thank you a. Record all JEs: "a" through "g" b. Prepare AJE for MO c. Provide Balances in RM, WIP, FG, MO, and CGS accounts. d. Prepare a Schedule of Cost of Goods Manufactured e. Prepare Income Statement through Gross Profit/Marginarrow_forwardCost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 25 $10 260 V 2,080 V 180 May 4 180 V 10 V 1,800 103 290 May 10 10 V 31 120 12 May 21 10 V 12 V 116 170 May 27 12 Feedback V Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. Feedback V Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.arrow_forwardPreparing a schedule of cost of goods manufactured and an income statement for a manufacturing company Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2018 the accounting records showed the following: Requirements Prepare a schedule of cost of goods manufactured for Chewy Bones for the year ended December 31, 2018. Prepare an income statement for Chewy Bones for the year ended December 31, 2018. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser? Chewy Bones manufactured 17,500 units of its product in 2018. Compute the company’s unit product cost for the year, rounded to the nearest cent.arrow_forward
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardInfo in images 2. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal. End. Bal. End. Bal. Raw Materials Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal.…arrow_forwardAn incomplete subsidiary ledger of materials inventory for May is as follows: See Attachment a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.b. Determine the materials inventory balance at the end of May.c. Journalize the summary entry to transfer materials to work in process.d. Explain how the materials ledger might be used as an aid in maintaininginventory quantities on hand.arrow_forward
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