[The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 67,000 36,000 23,000 0 12,900 4,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ 8,700 11,799 40,000 93,008 167,600 118,000 25,000 36,000 $ 321,000 $ 321,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Laber time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,700 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,000 indirect materials $ 7,000 direct labor to Job 492 $ 13,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost 3. Prepare a revised list of account balances as of December 31. Hint Use the prior year's Retained Earnings balance of $93.000 in this list. Credit BERGO BAY COMPANY List of Account Balances December 31 Debit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals [The following information applies to the questions displayed below] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded Credit Debit $ 67,000 36,900 23,000 9 12,000 4,900 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ 8,700 11,709 40,000 93,090 167,600 118,000 25,000 36,000 $ 321,000 $ 321,089 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,700 direct materials to job 402 $ 7,900 direct materials to Job 404 $ 2,000 indirect materials $ 7,000 direct labor to Job 402 $ 13,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint Retained earnings is $104,600 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31 Income Statement LOGOOGLE Balance Sheet Prepare a balance sheet as of December 31. BERGO BAY COMPANY Balance Sheet As at December 31 Assets Inventories Total assets Liabilities Total liabilities Equity Total equity Total liabilities and equity Income Statement