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I need help with these three tables. Thank you! Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet
I need help with these three tables. Thank you!
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 63,000 102,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation $ 30,000 45,000 81,000 156,000 9,000 330,000 730,000 210,000 520,000 $850,000 Total assets $160,000 Liabilities and Stockholders' Equity Accounts payable Capital stock $420,000 Retained earnings 270,000 Total liabilities and stockholders' equity 690,000 $850,000 Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The Reg 1 and 2 Req3 Reg 4 Req 5 Reg 6 Prepare an income statement for the year. Supreme Videos, Inc. Income Statement For the Year Ended December 31 $ 925,000 590,600 Sales Cost of goods sold Gross margin Selling and administrative expenses: 334,400 Administrative salaries 95,000 130,000 8,600 Advertising expense Miscellaneous expense Depreciation expense Insurance expense 21,000 1,400 256,000 Net operating income $ 78,400Step by Step Solution
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