Mr. Sicilian opened GETINMYBELLY.COM, a wholesale grocery and pizza company. Since Mr. Sicilian only sells to retailers, he does not have to charge sales tax to her customers. Mr. Sicilian uses a sales journal for sales on account. The following transactions occurred in April: 201X Apr 1 - Sold grocery merchandise to Dabney Co. on account, $900, invoice no. 1. Apr 4 - Sold pizza merchandise to Sally Drought Co. on account, $1,300, invoice no. 2. Apr 8 - Sold grocery merchandise to Luxury Co. on account, $1,500, invoice no. 3. Apr 10 - Issued credit memorandum no. 1 to Dabney Co. for $100 of grocery merchandise returned due to spoilage. Apr 15 - Sold pizza merchandise to Sally Drought Co. on account, $220, invoice no. 4. Apr 19 - Sold grocery merchandise to Luxury Co. on account, $700, invoice no. 5. Apr 25 - Sold pizza merchandise to Dabney Co. on account, $800, invoice no. 6.From the trial balance below and the provided year-end information, prepare a worksheet for Sicilian Corporation (assume no adjustments). Year-End Figures Raw materials inventory $11,190 Work-in-process inventory 8,360 Finished goods inventory 10,400 Trial Balance of Sicilian Corporation TRIAL BALANCE Dr. Cr. Cash 6 1 5 0 00 Raw Materials Inventory 8 7 0 0 00 Work-in-Process Inventory 7 5 2 0 00 Finished Goods Inventory 10 5 5 0 00 Factory Supplies 3 2 4 0 00 Prepaid Factory Insurance 3 8 0 00 Desks 9 7 0 00 Machinery 57 2 4 0 00 Accumulated Depreciation, Machinery 8 0 5 0 00 Accounts Payable 3 15 0 00 Common Stock $10 Par 60 0 0 0 00 Retained Earnings 8 1 2 0 00 Sales 115 1 8 0 00 Raw Material Purchases 36 9 0 0 00 Direct Labor 23 3 8 0 00 Indirect Labor 9 7 0 0 00 Machinery Repairs 6 8 0 00 Selling Expenses 14 6 5 0 00 Administrative Expense 10 0 8 0 00 Factory Supplies Expense 1 2 2 0 00 Depreciation Expense, Machinery 3 1 4 0 00 Totals 194 5 0 0 00 194 5 0 0 00WORK SHEET Trial Balance Account Titles Adjustments Cost of Goods Manufactured Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. CASH 6 000 1 5 000 1 500 RAW MATERIALS INVENTORY 7 0 000 180 1 90 WORK IN PROCSS INVENTORY 6 2 000 FINSHED GOODS INVENTORY 6 5 000 1 0 00 10 5 5 FACTORY SUPPLIES PREPAID FACTORY INSURANCE DESKS 9 7 100 MACHINER ACCUMULATED DEPRECIATION AND MACHINERY 0 00 57 2 4 600 0 5 ACCOUNT PAYABLE 5 0 00 COMMOM STOCK $10 PER 60 0 0 000 RETAINED EARNINGS 8 1 2 0 00 SALES 115 1 8 0 00 18 CO. RAW MATERIALS PURCHASES COO DIRECT LABOR INDIRECT LABOR MACHINERY REPAIRS SELLING EXPENSES 6 6 100 1 6 5 100 ADMINISTRATIVE EXPENSES 8 COO 10 0 8 100 FACTORY SUPPLIES EXPENSES 1 2 2 000 DEPRECIATION EXPENSES MACHINERY 1COO E 1 4 too COST OF GOOD SOLD 16 0 250 NET PROFIT 51 9 3 650 $50 TOTTAL 194 5 0 0 00 194 5 0 0 00 253 4 3 850 253 115 8 00 138 6 850 136 2 nice job! nice job! "There shouldn't be any adjustments "double check COGS "double check income statement "double check balance sheet. highlighted are correct. highlighted are correct. highlighted are correct. Be careful...watch your zeros
