Question
Can I get help with filling this worksheet out? VOL Corp. manufactures parts for DVD players. The Trial Balance section of its worksheet and other
Can I get help with filling this worksheet out?
VOL Corp. manufactures parts for DVD players. The Trial Balance section of its worksheet and other year-end data follow. |
VOL CORP. Trial Balance December 31, 2016 | |||
ACCOUNT NAME | DEBIT | CREDIT | |
Cash | 60,000 | ||
Accounts Receivable | 76,000 | ||
Allowance for Doubtful Accounts | 1,000 | ||
Raw Materials Inventory | 35,000 | ||
Work in Process Inventory | 50,000 | ||
Finished Goods Inventory | 52,000 | ||
Prepaid Insurance | 7,000 | ||
Factory Supplies | 5,000 | ||
Land | 60,000 | ||
Factory Building | 300,000 | ||
Accumulated DepreciationFactory Building | 19,600 | ||
Factory Machines | 150,000 | ||
Accumulated DepreciationFactory Machines | 19,600 | ||
Office Furniture and Equipment | 30,000 | ||
Accumulated DepreciationOffice Furniture and Equipment | 6,000 | ||
Accounts Payable | 86,000 | ||
Salaries and Wages Payable | |||
Income Tax Payable | |||
Social Security Tax Payable | |||
Medicare Tax Payable | |||
Employee Income Tax Payable | |||
Common Stock | 110,000 | ||
Retained Earnings | 493,300 | ||
Sales | 1,005,500 | ||
Sales Returns and Allowances | 6,500 | ||
Materials Purchases | 262,000 | ||
Purchases Returns and Allowances | 3,000 | ||
Freight In | 11,000 | ||
Direct Labor | 191,000 | ||
Indirect Labor | 30,000 | ||
Payroll Taxes ExpensesFactory | 30,600 | ||
UtilitiesFactory | 9,000 | ||
Repairs and MaintenanceFactory | 3,400 | ||
Indirect Materials and Supplies | 3,000 | ||
DepreciationFactory Building | |||
DepreciationFactory Machines | |||
InsuranceFactory | |||
Property TaxesFactory | 7,000 | ||
Sales Salaries Expense | 95,000 | ||
Payroll Taxes ExpenseSales | 9,500 | ||
Delivery Expense | 6,000 | ||
Advertising Expense | 6,000 | ||
Uncollectible Accounts Expense | |||
Miscellaneous Selling Expense | 7,500 | ||
Officers Salaries Expense | 155,000 | ||
Office Salaries Expense | 50,000 | ||
Payroll Taxes ExpenseAdministrative | 19,500 | ||
Depreciation ExpenseOffice Furniture and Equipment | |||
Other Administrative Expenses | 6,000 | ||
Income Tax Expense | 11,000 | ||
Totals | 1,744,000 | 1,744,000 | |
|
YEAR-END DATA | |
a. | Physical inventories taken on December 31, 2016, show $31,000 of raw materials on hand and $45,000 of finished goods on hand. The work in process inventory is estimated to be $48,000 on the same date. |
b. | It is estimated that 2 percent of the outstanding accounts receivable might not be collectible. |
c. | Of the prepaid insurance, $4,900 covering the factory building and equipment has expired. |
d. | A physical inventory discloses $4,400 of factory supplies on hand at the end of the period. |
e. | Depreciation expense for the year is as follows: $9,800 on the factory building, $9,800 on the factory machines, and $3,000 on the office furniture. (Make a compound entry.) |
f. | Payroll accruals at the end of the period include $3,500 of direct labor and $500 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. |
Include adjustments in the order given on the trial balance. |
1. | Using the data given, enter the adjustments. Then complete the worksheet. |
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