Question
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.Building $ 43,500 Factory Equipment 440,000 Accum.
Cash | $ 35,000 |
|
Accounts Receivable | 65,000 |
|
Finished Goods | 120,000 |
|
Work in Process | 58,683 |
|
Materials | 14,000 |
|
Building | 580,000 |
|
Accum. Deprec.Building |
| $ 43,500 |
Factory Equipment | 440,000 |
|
Accum. Deprec.Factory Equipment |
| 110,000 |
Office Equipment | 90,000 |
|
Accum. Deprec.Office Equipment |
| 33,750 |
Accounts Payable |
| 85,000 |
Notes Payable |
| 100,000 |
Capital Stock |
| 470,000 |
Retained Earnings |
| 560,433 |
Total | $1,402,683 | $1,402,683 |
During the month of August, the following transactions took place:
a. | Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) |
b. | Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. |
c. | Recorded the payroll, the payment to the employees, and the distribution of the wages and salaries for the month. The distribution is as follows: selling salaries, $5,000, administrative salaries, $7,000, and factory wages (including $10,000 indirect labor), $48,000. |
d. | Incurred other expenses on account totaling $9,000. Thirty percent of this amount is allocable to the office and selling functions. |
e. | Recorded depreciation for the month at an annual rate of 5% on the building, 20% on the factory equipment, and 25% on the office equipment. The sales and administrative staff use approximately one-fourth of the building for its offices. |
f. | Transferred total factory overhead to Work in Process. |
g. | Paid $10,000 on the note that was due this month. |
h. | Completed and transferred goods totaling $95,000 to the finished goods storeroom. |
i. | Sold goods costing $173,000, on account. The company uses a 75% mark-on percentage. |
j. | Received $284,000 from customers on account. |
k. | Paid creditors $163,000. |
how do i journalize these and Preparing a statement of cost of goods manufactured, and income statement, and a balance sheet?
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