Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello Please help, thank you Adjusting Entries and Financial Statements The adjusted trial balance of Lundberg Company is shown. Lundberg Company Adjusted Trial Balance December

Hello Please help, thank you

Adjusting Entries and Financial Statements

The adjusted trial balance of Lundberg Company is shown.

Lundberg Company Adjusted Trial Balance December 31, 20--
Account Title Adjusted Trial Balance
Debit Credit
Cash 30,300.00
Government Notes 5,000.00
Interest Receivable 70.00
Accounts Receivable 34,000.00
Allow. for Doubtful Accounts 2,830.00
Finished Goods Inventory 24,000.00
Work in Process Inventory 12,100.00
Materials Inventory 8,400.00
Estimated Returns Inventory 310.00
Office Supplies 200.00
Factory Supplies 500.00
Land 100,000.00
Factory Building 120,000.00
Accum. Depr.-Factory Build. 15,000.00
Factory Equipment 40,000.00
Accum. Depr.-Factory Equip. 9,000.00
Accounts Payable 13,800.00
Customer Refunds Payable 710.00
Income Tax Payable 6,100.00
Interest Payable 610.00
Bonds Payable 80,000.00
Capital Stock 50,000.00
Paid-In Capital in Excess of Par 30,000.00
Retained Earnings 92,690.00
Cash Dividends 30,000.00
Sales 410,740.00
Sales Returns and Allowances 6,690.00
Interest Revenue 270.00
Factory Overhead 92,400.00 92,400.00
Cost of Goods Sold 188,870.00
Wages Expense 70,000.00
Office Supplies Expense 2,900.00
Bad Debt Expense 2,300.00
Utilities Expense-Office 4,400.00
Interest Expense 7,610.00
Income Tax Expense 24,100.00
804,150.00 804,150.00

Additional information needed to prepare the financial statements is as follows:

Beginning inventories:
Finished goods, January 1 $17,000
Work in process, January 1 7,200
Materials inventory, January 1 9,400
Estimated returns inventory, January 1 50
Materials purchases for the year 52,490
Direct labor 60,000
Actual factory overhead 90,940
Indirect materials included in overhead 3,400

Required:

Question Content Area

2. Prepare financial statements and schedule.

Prepare a schedule of costs manufactured for the year ended December 31, 20--.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Lundberg Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 20-- Work in process, January 1 Direct materials Materials inventory, January 1 Materials purchases un $1 Materials available Materials inventory, December 31 Cost of materials used Less indirect materials included in overhead Cost of direct materials used Direct labor $ Factory overhead Total manufacturing costs Total work in process during the period Work in process, December 31 0000 Cost of goods manufactured Income Statement For Year Ended December 31, 20-- Sales B

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essentials Of Finance And Accounting For Nonfinancial Managers

Authors: Edward Fields

3rd Edition

0814436943, 9780814436943

More Books

Students also viewed these Accounting questions

Question

=+a. Consumer-Focused show benefits.

Answered: 1 week ago