College Accounting, Chapters 1-27
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, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Company’s trial balance columns from its spreadsheet are shown on the next page. Data for adjusting the accounts are as follows:

Chapter 27, Problem 6SPB, SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Companys trial balance columns from , example  1

Additional information needed to prepare the financial statements is as follows:

Chapter 27, Problem 6SPB, SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Companys trial balance columns from , example  2

Assume that all materials inventory items are direct materials.

Required

  1. 1. Prepare a spreadsheet.
  2. 2. Prepare the following financial statements and schedule:
    1. (a) income statement
    2. (b) schedule of cost of goods manufactured
    3. (c) statement of retained earnings
    4. (d) balance sheet

Chapter 27, Problem 6SPB, SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Companys trial balance columns from , example  3

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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.
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Instructions: a. Prepare the cost flow assumption table for Hasellhouf Company's merchandise inventory using FIFO method (2 decimals rounding). b. Journalize the transactions above using perpetual method and make the necessary adjustments and make the necessary adjustments for depreciation (using the straight-line method), insurance, supplies, and interests c. Post all the entries to the general ledgers. d. Prepare multiple-step income statement, owner's equity statement, and balance sheet. e. Journalize the closing entries.

Chapter 27 Solutions

College Accounting, Chapters 1-27

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