Problem 1

The XYX company is dedicated to the manufacture of bicycles, according to the specific orders of the clients.

Record transactions 1 through 15 on the attached worksheet. The opening balances are already registered in it.

Transaction 1: $ 70,000 of direct materials are purchased on credit and taken to the warehouse.

Transaction 2: $ 67,000 worth of materials is used to manufacture the products.

Transaction 3: $ 20,000 is paid for wages and salaries to production employees.

Transaction 4: $ 38,000 is paid in salaries to employees working in sales and administrative areas.

Transaction 5: $ 5,000 is paid for the purchase of furniture that will be used in the sales and administrative offices.

Transaction 6: The depreciation of the company's furniture is recognized, including the one acquired for the offices in event 5. The charge for annual depreciation is $ 1,500.

Transaction 7: $ 4,000 is paid for manufacturing equipment.

Transaction 8: The depreciation of the company's manufacturing equipment is recognized, including that acquired in event 7. The charge for annual depreciation is $ 3,200.

Transaction 9: $ 8,000 of indirect manufacturing costs are recognized; $ 2,400 was paid in cash and $ 5,600 was on credit

Transaction 10: Finished units are transferred to the warehouse in the amount of $ 102,000.

Transaction 11: $ 4,300 is paid for ads and other promotional expenses.

Transaction 12: Merchandise is sold to customers for $ 160,000; $ 64,000 in cash and $ 96,000 on credit.

Transaction 13: The inventory sold in transaction 12 had a cost of $ 98,000.

Transaction 14: $ 90,000 is received from customers who have purchased on credit.

Transaction 15: $ 75,000 is paid to creditors.

Determine the ending balances for each column.

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