7.1 EXERCISE Manufacturing Balance Sheet Silver Bear Electric Bicycle Company is preparing its annual balance sheet as of 12/31/2019. You are Silver Bear's accounting consultant. Their accounting data follows: Cash $1000 Accounts Receivable $2857 Sales Revenue $7897 Cost of Goods Sold 5000 Prepaid Expenses 525 Direct Materials Used 745 Raw Materials Inventory 2000 Direct Labor Used 700 876 Work in Process Inventory Selling Expense 345 Administrative Expense 250 2632 Finished Goods Inventory Short-term Investments 450 Interest Expense 600 Equipment 45,122 Create the Current Asset section of Silver Bear Electric Bicycle Company's balance sheet. Blank Excel Spreadsheet, solution below 7.2 EXERCISE Manufacturing Schedule-Cost of Goods Manufactured Prepare the Manufacturing Schedule for the year end 12/31/19 detailing the cost of Goods Manufactured for Jet Sprocket Motorcycle Company, Inc. The accounting data follows: Net Sales 15,000 Beginning Work in Process 3250 Beginning Raw Materials 1514 Raw Materials Purchased 10,000 Direct Labor Incurred 2250 Ending Work in Process 3500 Ending Raw Materials 2514 Factory Overhead 875 Cash 4369 Have students complete spreadsheet, solution below 7.1 EXERCISE Manufacturing Balance Sheet Silver Bear Electric Bicycle Company is preparing its annual balance sheet as of 12/31/2019. You are Silver Bear's accounting consultant. Their accounting data follows: Cash $1000 Accounts Receivable $2857 Sales Revenue $7897 Cost of Goods Sold 5000 Prepaid Expenses 525 Direct Materials Used 745 Raw Materials Inventory 2000 Direct Labor Used 700 876 Work in Process Inventory Selling Expense 345 Administrative Expense 250 2632 Finished Goods Inventory Short-term Investments 450 Interest Expense 600 Equipment 45,122 Create the Current Asset section of Silver Bear Electric Bicycle Company's balance sheet. Blank Excel Spreadsheet, solution below 7.2 EXERCISE Manufacturing Schedule-Cost of Goods Manufactured Prepare the Manufacturing Schedule for the year end 12/31/19 detailing the cost of Goods Manufactured for Jet Sprocket Motorcycle Company, Inc. The accounting data follows: Net Sales 15,000 Beginning Work in Process 3250 Beginning Raw Materials 1514 Raw Materials Purchased 10,000 Direct Labor Incurred 2250 Ending Work in Process 3500 Ending Raw Materials 2514 Factory Overhead 875 Cash 4369 Have students complete spreadsheet, solution below