3 Debit Credit Cash $ 170,000 Accounts receivable 75,000 Raw materials inventory 80. 000 Work in process inventory 0 4 of 4 Finished goods inventory 15,000 Prepaid rent 3. 000 Accounts payable $ 17, 000 Notes payable 25,000 Common stock 50,000 Retained earnings (prior year) 271, 000 Sales 373, 000 Cost of goods sold 218,000 04:23-58 Factory overhead 125,000 General and administrative expenses 60,000 Totals $ 736.080 $ 736, 000 These six documents must be processed to bring the accounting records up to date. Materials requisition 101 $ 10, 200 direct materials to Job 402 Materials requisition 11t $ 18, 600 direct materials to Job 404 Materials requisition 121 $ 5,600 indirect materials Labor time ticket $21 36,000 direct labor to Job 402 Labor time ticket 531 $ 23,800 direct labor to Job 404 Labor time ticket 541 5 8, 200 Indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost, Problem 15-3A (Static) Part 4 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356,800 at the end of the current year Answer Is not complete. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare a balance sheet as of December 31 BERGO BAY COMPANY Balance Sheet As at December 31 Assets Cash O $ 170,000 Accounts receivable 75,000 Inventories Work in process inventory Os OX Finished goods inventory 223,200 516,800 740,000 Total assets $ 985,000 Liabilities Accounts payable 17,000 Factory wages payable 35400 Notes payable 25,000 Prepaid rent 3.000 Total liabilities 110,400 Equity Common stock 50,000 Retained earnings 356,800 Total equity 406,800 Total liabilities and equity $ 517,200