Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data were taken from the records of Grouper Company for the fiscal year ended June 30, 2022. Raw Material Inventory 7/1/21 $51,600 Factory

The following data were taken from the records of Grouper Company for the fiscal year ended June 30, 2022.

Raw Material Inventory 7/1/21

$51,600

Factory Insurance

$5,200

Raw Material Inventory 6/30/22

45,500

Factory Machinery Depreciation

17,900

Finished Goods Inventory 7/1/21

99,100

Factory Utilities

31,100

Finished Goods Inventory 6/30/22

22,300

Office Utilities Expense

9,450

Work in Process Inventory 7/1/21

29,600

Sales Revenue

557,100

Work in Process Inventory 6/30/22

28,100

Sales Discounts

5,000

Direct Labor

145,750

Plant Managers Salary

65,300

Indirect Labor

26,660

Factory Property Taxes

9,710

Accounts Receivable

35,400

Factory Repairs

2,200

Raw Material Purchases

99,000

Cash

39,400

Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.)

GROUPER COMPANY (Partial) Balance Sheet choose the accounting period June 30, 2022For the Year Ended June 30, 2022For the Month Ended June 30, 2022

select an opening section name Current AssetsTotal Intangible AssetsTotal Current AssetsProperty, Plant and EquipmentTotal Liabilities and Stockholders' EquityCurrent LiabilitiesInventoriesTotal Property, Plant and EquipmentTotal Current LiabilitiesLong-term LiabilitiesLong-term InvestmentsTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal LiabilitiesIntangible AssetsTotal Stockholders' EquityStockholders' Equity

enter a balance sheet item

$enter a dollar amount

enter a balance sheet item

enter a dollar amount

select an opening subsection name Intangible AssetsTotal Long-term InvestmentsCurrent LiabilitiesLong-term InvestmentsTotal Property, Plant and EquipmentStockholders' EquityTotal Stockholders' EquityTotal Liabilities and Stockholders' EquityCurrent AssetsTotal Long-term LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Current AssetsTotal Current LiabilitiesProperty, Plant and EquipmentInventoriesLong-term Liabilities

enter a balance sheet item

$enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount
enter a subtotal of the three previous amounts

select a closing section name Total Intangible AssetsTotal LiabilitiesLong-term InvestmentsTotal Liabilities and Stockholders' EquityTotal Current LiabilitiesTotal Stockholders' EquityTotal Long-term LiabilitiesStockholders' EquityCurrent LiabilitiesTotal Current AssetsProperty, Plant and EquipmentIntangible AssetsLong-term LiabilitiesCurrent AssetsTotal Long-term InvestmentsTotal Property, Plant and EquipmentInventories

$enter a total amount for this section

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy

3rd Edition

0070110263, 9780070110267

More Books

Students also viewed these Accounting questions

Question

discuss the barriers to the implementation of the marketing concept

Answered: 1 week ago

Question

Is this issue more complex than it seems?

Answered: 1 week ago