The Income Statement and Balance Sheet columns of Braiden Company's work sheet are shown below.

Braiden Company

Work Sheet (Partial)

For Year Ended December 31, 20 –

Additional information needed to prepare the financial statements is as follows:

Materials inventory, January 1 ………………...…………       $ 4,140

Work in process inventory, January 1 ………………….         5,730

Finished goods inventory, January 1 …………………..       16,825

Materials purchases ……………………………........………     136,665

Direct labor ………………………………………............…….        76,000

Actual factory overhead ……………………….....……….         92,500

Indirect materials charged to production....……...           5,400

Required

1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.

2. Prepare a statement of retained earnings for the year ended December 31, 20--.

3. Prepare a balance sheet as of December 31, 20--.

Transcribed Image Text:

IDA 1Csh 2Govemment Hotes 3 Interest Recevable 4 Accounts Receable 5 Allowance for Doubtful Accounts 6Fnshed Goods Iventory 7 Work in Process Inventory 14 350 00 3 5 0 0 00 5 0 00 25 1 00 00 13 2 5 005 19 80 0 00 7510 00 4650 00 3 30 00 480 00 70000 25 00000 90 000 00 Matenals Invertory Office Supplies 19 Factory Suples 11 Prepad Isurance 12 Land 13 Factary Building 14 kam.Depr-Factoy Building 15 Factory Equipment 16 kccum Depr-Fady Eupment 17 Acounts ayable 18 Income TaxPaable 19 interest Payable 20 Bonds Payable 21 Capita Sock 22 Pald-In Captal in Excess ofPar 23 Ratained Earnings 24 Cash Dridends 25 Sales 26 interest Revense 27 Factory Overhead 20 650001 100 0 0 0 00 0016 17 00000 17 5 000 18 6 5 0 00 19 50000 00 20 551 0 0 0001 21 15 00 0 00 22 80 17 5 00 23 20 00 0 00 401 22000 25 000 29 Cost of Goods Sold 30 Wages Expense 31 Offie Supples E 32 Bad Debt Expernse 33 Ualibes Expeme Office 34 Interest Expense 35 income TaxExpense 294 5 0000 45 20000 15000 2 150 00 2850 00 14 4 5 0 00 362 3 50 00 401 470 00 311 47000 272 3 5 0 00 36 39 1 2 0 00 401 4 7 000 401 47 000311 4 7 0003147000 38 37 Net Income 1 2 0 00 37