Mastery Problem: Lean Manufacturing and Activity Analysis Finn Corporation Finn Corporation produces inflatable ratts for recreational use. The company has heard about lean accounting, and is anxious to find out more about the system, to determine whether it will help streamline their operations and cut costs The company has hired you as a consultant to help them implement their lean accounting program, and also to assist with recreating some data lost in a recent computer mishap. Chart of Accounts 1 CHART OF ACCOUNTS Finn Corporation General Ledger ASSETS REVENUE 410 Sales 110 Cash 112 Accounts Receivable 112 Office Supplies 118 Prepaid Insurance 150 aw and to process inventory 151 Finished Goods Inventory 100 Land EXPENSES 510 Cost of Goods Sold 511 Conversion Costs 521 Advertising Expense 532 Depreciation Expense Store quioment 530 Sales Exponse 100 mm 191 Accumulated Depreciation Equipment 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Unearned Rent 213 Customers Refunds Payable 215 Notes Payable 218 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts II CHART OF ACCOUNTS Finn Corporation General Ledger REVENUE 410 Sales ASSETS 110 Cash 112 Accounts Receivable EXPENSES 510 Cost of Goods Sold 511 Factory Overhead 117 Office Supplies 118 Prepaid Insurance 150 Materials Inventory 160 Work in Process Inventory 170 Finished Goods Inventory 180 Land 190 Equipment 191 Accumulated Depreciation-Equipment 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 521 Advertising Expense 522 Depreciation Expense-Store Equipment 530 Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Uneared Rent 213 Customers Refunds Payable 215 Notes Payable 218 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends