Need some help with this one.. CHAPTER 27Applying Your KnowPROBLEM 27-7B (continued)B1Wen CompanySpreadsheet (Partial)For the Year Ended December 31, 20--ADJUSTED TRIAL BALANCEACCOUNT TITLEDEBITCREDIT5Cash16,450.00Government Notes6,000.008Interest Receivable210.009Accounts Receivable19,700.0010 Allowance for Doubtful Accounts1,600.0011 Finished Goods Inventory16,250.0012 Work in Process Inventory7,600.0013 Materials Inventory4,550.0014 Estimated Returns Inventory530.0015 Office Supplies465.00375.0016 Factory Supplies17 Prepaid Insurance700.0018Land30,000.0060,000.0019 Factory Building20 Accumulated Depreciation-Factory Building15,230.0087,000.0021 Factory Equipment22 Accumulated Depreciation-Factory EquipmentAccounts Payable23,000.0014,450.0023720.00Customer Refunds PayableIncome Tax Payable243,150.0025600.0026 Interest PayableBonds Payable40,000.002730,000.0028 Capital Stock29 Paid-in Capital in Excess of Par20,000.0030Retained Earnings83,020.0031Cash Dividends13,500.00409,860.0032 Sales33 Sales Returns and Allowances5,900.00650.0034Interest Revenue96,850.0096,850.0035 Factory Overhead3637Cost of Goods Sold312,350.0043,100.0038 Wages Expense39 Office Supplies Expense2,250.0040Bad Debt Expense1,750.0041Utilities Expense-Office4,000.0042Interest Expense3,100.0043Income Tax Expense6,500.00739,130.00739,130.0044475,800.00507,360.0045Net Income31,560.004647 for Corporations and Manufacturing BusinessesFINANCIAL STATEMENTS The adjusted trial balance columns of Wen Company'sspreadsheet are shown on the next page.Materials inventory, January 1Work in process inventory, January 1Finished goods inventory, January 1Estimate returns inventory, January 1, remaining balanceMaterials purchasesAdditional information needed to prepare the financial statements is as follows:$ 4,7503,60014,990100115,090110,00096,8504,100Direct laborActual factory overheadIndirect materials charged to productionREQUIRED1. Prepare an income statement and a schedule of cost of goods manufacturedfor 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-.

Cost of goods manufactured schedule is an account prepared to check the actual expenditure incurred…

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--.

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--.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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