Question
Solve the given problem based on the following information. Jordan Revenues and Expenses (as of December 31, 2016) Advertising expenses $25,875 DepreciationOffice equipment $6,525 DepreciationSales
Solve the given problem based on the following information.
Jordan Revenues and Expenses (as of December 31, 2016) | ||
Advertising expenses | $25,875 | |
DepreciationOffice equipment | $6,525 | |
DepreciationSales equipment | $7,740 | |
DepreciationFacility equipment | $30,195 | |
Facility supervision | $92,340 | |
Facility supplies | $6,615 | |
Facility utilities | $29,700 | |
Inventories | Raw material as of December 31, 2017 | $150,165 |
Raw material as of December 31, 2016 | $163,800 | |
Work in progress (WIP) as of December 31, 2017 | $14,130 | |
Work in progress (WIP) as of December 31, 2016 | $17,442 | |
Finished goods as of December 31, 2017 | $150,615 | |
Finished goods as of December 31, 2016 | $122,841 | |
Direct labor | $607,932 | |
Income tax | $210,353 | |
Indirect labor | $51,188 | |
Miscellaneous production costs | $7,583 | |
Office salaries expense | $56,700 | |
Raw material purchases | $832,500 | |
RentOffice space | $19,800 | |
RentSelling space | $23,490 | |
RentFactory building | $69,120 | |
MaintenanceFacility equipment | $31,860 | |
Sales | $4,072,500 | |
Sales discounts | $56,250 | |
Sales salaries expense | $353,304 |
Complete the table given below to prepare the company's 2016 manufacturing statement.
Jordan Manufacturing Statement (for the year ended December 31, 2016) | ||
Direct materials | ||
Raw materials inventory, December 31, 2017 | ||
Raw materials purchases | ||
Raw materials available for use | ||
Less raw materials inventory, December 31, 2016 | ||
Direct materials used | ||
Direct labor | ||
Factory overhead | ||
Depreciation expenseFactory equipment | ||
Factory supervision | ||
Factory supplies used | ||
Factory utilities | ||
Indirect labor | ||
Miscellaneous production costs | ||
Rent expenseFactory building | ||
Maintenance expenseFactory equipment | ||
Total factory overhead costs | ||
Total manufacturing costs | ||
Work in progress inventory, December 31, 2017 | ||
Total cost of goods in process | ||
Less work in progress inventory, December 31, 2016 | ||
Cost of goods manufactured |
Complete the table below to prepare the company's 2016 income statement.
Jordan Income Statement (for the year ended December 31, 2016) | ||
Sales | ||
Less sales discounts | ||
Net sales | ||
Cost of goods sold: | ||
Finished goods inventory, December 31, 2017 | ||
Cost of goods manufactured | ||
Goods available for sale | ||
Less finished goods inventory, December 31, 2016 | ||
Cost of goods sold | ||
Gross profit from sales | ||
Operating expenses: | ||
Selling expenses: | ||
Advertising expense | ||
Depreciation expenseSales equipment | ||
Rent expenseSelling space | ||
Sales salaries expense | ||
Total selling expenses | ||
General and administrative expenses: | ||
Depreciation expenseOffice equipment | ||
Office salaries expense | ||
Rent expenseOffice space | ||
Total general and administrative expenses | ||
Total operating expenses | ||
Income before state and federal taxes | ||
Income taxes expense | ||
Net income |
Thanks so much!
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