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I need help with my homework ASAP please! Bergo Bay's accounting system generated the following account balances on December 31, The company's manager knows something
I need help with my homework ASAP please!
Bergo Bay's accounting system generated the following account balances on December 31, The company's manager knows something is wrong with this list of bolances because it does not show any balance for Work in Process inventory. and the accrued factory payroll (Factory Wages Payabie) has not been recorded These six documents must be processed to bring the accounting records up to date. Jobs 402 and 404 are the only jobs in process at yeat-end. The predetermined overhead rate is 200% of direct labor cost. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356.800 at the end of the current year, 5. Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets? BERGO BAY COMPANY Income Statement For Year Ended December 31 BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories Req 4 Income Statement Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets on the balance sheet at December 31 ? Bergo Bay's accounting system generated the following account balances on December 31, The company's manager knows something is wrong with this list of bolances because it does not show any balance for Work in Process inventory. and the accrued factory payroll (Factory Wages Payabie) has not been recorded These six documents must be processed to bring the accounting records up to date. Jobs 402 and 404 are the only jobs in process at yeat-end. The predetermined overhead rate is 200% of direct labor cost. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $356.800 at the end of the current year, 5. Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets? BERGO BAY COMPANY Income Statement For Year Ended December 31 BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories Req 4 Income Statement Assume that the $5,600 on materials requisition 12 should have been direct materials charged to Job 404 . Does this error result in overstatement or understatement of total assets on the balance sheet at December 31 Step by Step Solution
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