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:

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

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