3.	Prepare the closing entries for all accounts.

.	Journalize the reversing entries. Make the entries in the order of the adjusting entries given.

6.	Prepare an income statement.

8.	Prepare a balance sheet as of December 31, 2016. There are 111,000 shares of $1 par common stock outstanding, out of the 111,000 shares authorized.

YEAR-END DATA a. Physical inventories taken on December 31, 2016, show $20,000 of raw materials on hand and $34,000 of finished goods on hand. The work in process inventory is estimated to be $37,000 on the same date b. It is estimated that 3 percent of the outstanding accounts receivable might not be collectible c. Of the prepaid insurance, $4,800 covering the factory building and equipment has expired d. A physical inventory discloses $3,410 of factory supplies on hand at the end of the period e. Depreciation expense for the year is as follows: $9,600 on the factory building, $9,600 on the factory machines, and $1,900 on the office furniture. (Make a compound entry.) f. Payroll accruals at the end of the period include $3,600 of direct labor and $400 of indirect labor g. Payroll taxes on accrued wages are social security, 6.2 percent, and Medicare tax, 1.45 percent. h. The income tax rate is 25 percent. (Round to nearest dollar) Include adjustments in the order given on the trial balance 1. Using the data given, enter the adjustments. Then complete the worksheet. 2. Record the adjusting entries shown on the worksheet in general journal form on December 31, 2016. View transaction list Journal entry worksheet 4 Record the transfer of beginning raw materials inventory. Note: Enter debits before credits. Event General Journal Debit Credit a-1 Record entry Clear entry View general journal K 12 3 5 6 78 13 Record the transfer of ending raw materials inventory. Note: Enter debits before credits. Event General Journal Debit Credit a-2. Record entry Clear entry View general journal 2. Record the adjusting entries shown on the worksheet in general journal form on December 31, 2016. View transaction list Journal entry worksheet 2 4 6 7 8 Record the transfer of beginning work in process inventory. Note: Enter debits before credits. Event General Journal Debit Credit a-3 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Record the transfer of ending work in process inventory. Note: Enter debits before credits. Event General Journal Debit Credit a-4. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 7 Record the transfer of ending finished goods inventory. Note: Enter debits before credits. Event General Journal Debit Credit a-6. Record entry Clear entry View general journal Journal entry worksheet 2 4 5 6 7 It is estimated that 3 percent of the outstanding accounts receivable might not be collectible. Note: Enter debits before credits. Event General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 6 7 8 13 Of the prepaid insurance, $4,800 covering the factory building and equipment has expired. Note: Enter debits before credits. Event General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet 4 5 6 7 9 13 A physical inventory discloses $3,410 of factory supplies on hand at the end of the period Note: Enter debits before credits. Event General Journal Debit Credit d. Record entry Clear entry View general journal Journal entry worksheet <. depreciation expense for the year is as follows: on factory building machines and office furniture. a compound entry. note: enter debits before credits. event general journal debit credit e. record entry clear view worksheet payroll accruals at end of period include direct labor indirect labor. taxes accrued wages are social security percent medicare tax percent. credits g. income rate h. prepare closing purchase returns allowances. date dec manufacturing costs. revenue. expenses. balance summary. first reversing required. jan second third statement cost goods manufactured. vol corp manufactured ended december raw materials net delivered total available used overhead costs work in process revenue sales sold sale gross profit operating expenses selling administrative after sheet assets current inventories property plant equipment liabilities stockholders equity analyze: assume that industry standard what part your percentage answer to decimal place. i.e. should be considered year-end data a. physical taken show hand finished hand. inventory estimated same b. it outstanding accounts receivable might not collectible c. prepaid insurance covering has expired d. discloses supplies f. nearest dollar adjustments order given trial using adjustments. then complete worksheet. adjusting entries shown form transaction list transfer beginning inventory. a-1 k ending a-2. a-3 a-4. a-6. collectible. expired.>