Question
NOW Enterprises provided the following: Sales 7,500,000.00 Inventories - January 1: Raw Materials 200,000.00 Goods in Process 240,000.00 Finished Goods 360,000.00 Inventories - December 31
NOW Enterprises provided the following:
Sales
7,500,000.00
Inventories - January 1:
Raw Materials
200,000.00
Goods in Process
240,000.00
Finished Goods
360,000.00
Inventories - December 31
Raw materials
280,000.00
Goods in process
170,000.00
Finished goods
300,000.00
Purchases
3,000,000.00
Direct labor
950,000.00
Indirect labor
250,000.00
Superintendence
210,000.00
Light, heat and power
320,000.00
Rent - factory building
120,000.00
Repair and maintenance - machinery
50,000.00
Factory supplies used
110,000.00
Sales salaries
400,000.00
Advertising
160,000.00
Depreciation - store equipment
70,000.00
Office salaries
150,000.00
Depreciation - office equipment
40,000.00
Depreciation - machinery
60,000.00
Sales returns and allowances
50,000.00
Interest income
10,000.00
Gain on sale of equipment
100,000.00
Delivery expenses
200,000.00
Accounting and legal fees
150,000.00
Office expenses
250,000.00
Earthquake loss
300,000.00
Gain from expropriation of asset
100,000.00
Income tax expense
320,000.00
Required:An income statement and financial statement using the functional method with appropriate notes for the year ended December 31, 2019.
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Access For Computer Accounting
Authors: Donna Kay
19th Edition
1259741109, 9781259741104
