Lundberg Company Trial Balance December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Cash 30,300 5,000 34,000 530 Government Notes Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Finished Goods Inventory Work in Process Inventory Materials Inventory Office Supplies Factory Supplies 24,000 9,000 8,500 3,100 3,800 Land 100,000 120,000 10,000 40,000 Factory Building Accumulated Depreciation-Factory Building Factory Equipment Accumulated Depreciation-Factory Equipment Accounts Payable Income Tax Payable Interest Payable 5,000 13,800 Bonds Payable 80,000 Capital Stock 50,000 30,000 Paid-In Capital in Excess of Par Retained Earnings Cash Dividends 92,400 30,000 Sales 405,100 300 Interest Revenue Factory Overhead 78,630 89,300 190,700 70,000 Cost of Goods Sold Wages Expense Office Supplies Expense Bad Debt Expense Utilities Expense-Office Interest Expense Income Tax Expense 4,400 7,000 18,000 776,430 776,430 Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory (b) Interest receivable $3,100 75 (C) Interest payable 600 (d) Estimate of uncollectible accounts, based on an aging of accounts receivable 2,930 (e) Office supplies consumed 2,900 (f) Factory supplies consumed 3,300 (9) Factory building depreciation 5,000 (h) Factory equipment depreciation 4,000 (i) Overapplied factory overhead 1,470 6) Provision for corporate income taxes 6,100 (k) Physical counts of the inventories agreed with the amounts in the books. Additional information needed to prepare the financial statements is as follows: Beginning inventories: Finished goods, January 1 $18,000 Work in process, January 1 7,300 Materials inventory, January 1 9,500 Materials purchases for the year 51,500 Direct labor 60,000 Actual factory overhead 90,930 Indirect materials charged to production 3,400 Required: 2. Prepare the following financial statements and schedule: a. Income statement Lundberg Company Income Statement For Year Ended December 31, 20-- Net sales Lundberg Company Income Statement For Year Ended December 31, 20-- Net sales Less cost of goods sold: Cost of goods sold Gross profit Operating expenses: Total operating expenses Operating income Other revenue: OD OD O Other expense: TnCama hofara income tovar Income before income taxes Net income b. Schedule of cost of goods manufactured Lundberg Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 20-- Direct materials Cost of materials used Cost of direct materials used Total manufacturing costs Total work in process during the period Cost of goods manufactured C. Statement of retained earnings Lundberg Company Statement of Retained Earnings For the Year Ended December 31, 20-- d. Balance sheet Lundberg Company Balance Sheet December 31, 20-- Assets Current assets: u1 Assets Current assets: Inventories: D 10 Total current assets Property, plant, and equipment: . Total property, plant, and equipment od Total assets Total property, plant, and equipment Total assets Liabilities Current liabilities: $ Total current liabilities Long-term liabilities: Total liabilities Stockholders' Equity Total stockholders' equity ol Total liabilities and stockholders' equity