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Please help me create a managerial financial statement for the info below. Page 2 of 3 ZOOM + The following account balances have been taken
Please help me create a managerial financial statement for the info below.
Page 2 of 3 ZOOM + The following account balances have been taken from the ledger of Virgo, Inc. for the month ended April 30, 2020. Ella Vader is the CEO and President of the company. Virgo is in the business of manufacturing and selling escalators. Virgo prepares its financial statements on a monthly basis. At the beginning of April of 2020, the company had the following balances in its accounts: Account Balance at Beginning of Month Accounts Payable 31,270 Accounts Receivable 24,380 Accumulated Depreciation - Manuf. Eqpt 43,690 Accumulated Depreciation - Office Eqpt 25,950 Bonds Payable 300,000 Cash 12,480 Common Stock 100,000 Equipment - Manufacturing 366,180 Equipment - Office 110.500 Inventory - Raw Materials 16,430 Inventory - Work in Process 21,910 Inventory - Finished Goods 46,570 Retained Earnings 95,080 Sales Tax Payable 2,460 The Work in Process inventory at the beginning of April consists of one escalator, model Illudium Q36. The Finished Goods inventory at the beginning of April consists of two escalators; model Gadolinium Z28 with a total cost of $21,320 and model Curium X42 with a total cost of $25,250. During April of 2020, Virgo experienced the following events: 1) Purchased raw materials inventory on account for $6,482. 2) Sold escalator Curium X42 for cash for $32,560. Virgo uses the perpetual method of accounting for the sale of inventory. This sale was subject to a 5% sales tax. This tax is in addition to the sales price listed above. 3) Used $7,240 of raw materials. $4,260 was direct and indirect materials for Illudium Q36 and $2,980 was direct and indirect materials for model Neodymium J12, a new escalator started in April. 4) Paid employees $18,540 of wages. $4,520 of this was for office personnel. $6,280 was direct and indirect labor allocated to Illudium Q36 and $7,740 was direct and indirect labor allocated to Neodymium J12. 5) Recorded $8,260 of depreciation on manufacturing equipment. $5,310 of this was allocated to Illudium Q36 and $2,950 was allocated to Neodymium JG12. 6) Recorded $3,260 of depreciation on office equipment. 7) Paid rent of $4,800. $2,000 of this was for the administrative offices. $2,800 was for the manufacturing plant. $1,600 of this $2,800 was allocated to Illudium Q36 and $1,200 was allocated to Neodymium J12 Finished Illudium Q36. You will need to compute the total cost of this escalator and move it from Work in Process Inventory into Finished Goods Inventory. (take the beginning Work in Process Inventory and add the amounts listed above for that model)Page 3 of 3 ZOOM + 9) Sold Gadolinium Z28 on account for $27,700. Again, add 5% sales tax to this transaction and don't forget to record the Cost of Goods Sold. 10) Paid cash for the following expenses for the month; $730 for insurance, and $650 for advertising. 11) Paid $1,250 of interest on the Bonds Payable. The corporation makes monthly payments of interest on these bonds on the last day of every month. 12) Paid $2,460 of sales tax from March sales 13) Collected $24,380 from customers on account 14) Paid $31,270 on accounts payable. 15) Paid cash dividends of $1,000 to its shareholders. Required: Use the preceding information to record the transactions and adjusting entries for the month. Then, prepare in good form and submit a multi-step income statement, a statement of changes in stockholders' equity, and a classified balance sheet for the company for the month ended April 30, 2020. Also, prepare and submit a Cost of Goods Manufactured and Sold schedule. Use the examples posted on I-Learn to help with the format on your financial statements and the format on the COGM and COGS schedule. Check Figures Ending Cash Balance = $10,348 Operating Income = $2,530 Ending Work-in-Process Inventory = $14,870Step by Step Solution
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