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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--.
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 BStep by Step Solution
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