Please do not give solution in image format thanku 12The following year-end information is taken from the December 31 adjusted trial balance and other records of LeoneCompany.Advertising expense$ 36,000Depreciation expense-Office equipment 15,000Depreciation expense-Selling equipment 16,000Depreciation expense-Factory equipment 58,000Raw materials purchases (all direct materials) 680,000Maintenance expense-Factory equipment 38,400Factory utilities34,600Direct labor432,00065,00039,00023,00055,000132,000317,000Indirect laborOffice salaries expenseRent expense-Office spaceRent expense-Selling spaceRent expense-Factory buildingSales salaries expenseUsing the following additional information for Leone Company, complete the requirements below.Raw materials inventory, beginning$ 136,000Raw materials inventory, endingWork in process inventory, beginningSalesWork in process inventory, endingFinished goods inventory, beginningFinished goods inventory, ending141,00041,0002,309,00045,00057,00065,000Required:1. Prepare the schedule of cost of goods manufactured for the current year.2. Prepare the current year income statement.

The cost of the products manufactured seems to be significant since it provides management with a…

12 The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. $36,000 15,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 16,000 Depreciation expense-Factory equipment 58,000 Raw materials purchases (all direct materials) 680,000 Maintenance expense-Factory equipment 38,400 Factory utilities 34,600 Direct labor 432,000 Indirect labor 65,000 Office salaries expense 39,000 Rent expense-Office space 23,000 Rent expense-Selling space 55,000 Rent expense-Factory building 132,000 Sales salaries expense 317,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 136,000 Raw materials inventory, ending 141,000 Work in process inventory, beginning 41,000 2,309,000 45,000 57,000 65,000 Advertising expense Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

12 The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. $36,000 15,000 Depreciation expense-Office equipment Depreciation expense-Selling equipment 16,000 Depreciation expense-Factory equipment 58,000 Raw materials purchases (all direct materials) 680,000 Maintenance expense-Factory equipment 38,400 Factory utilities 34,600 Direct labor 432,000 Indirect labor 65,000 Office salaries expense 39,000 Rent expense-Office space 23,000 Rent expense-Selling space 55,000 Rent expense-Factory building 132,000 Sales salaries expense 317,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning $ 136,000 Raw materials inventory, ending 141,000 Work in process inventory, beginning 41,000 2,309,000 45,000 57,000 65,000 Advertising expense Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare the schedule of cost of goods manufactured for the current year. 2. Prepare the current year income statement.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...

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Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, 460. b. Depreciation expense on equipment, 870. (Remember to credit the Accumulated Depreciation account for equipment, not Equipment.) c. Wages accrued or earned since the last payday, 120 (owed and to be paid on the next payday). d. Supplies remaining, 80.
COMPLETION OF A WORK SHEET SHOWING A NET LOSS The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing 22,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year, 2,400. (d)Unexpired insurance on December 31, 1,750. (e)Depreciation expense on the building for 20--, 4,000. (f)Depreciation expense on the store equipment for 20--, 3,600. (g)Unearned storage revenue as of December 31, 1,950. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in the general journal.
Adjusting Entries The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total 2,840 on December 31. 2. The 247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of 78,000, 25-year life, and 9,000 residual value are to be depreciated; equipment with a cost of 44,000, 8-year life, and 2,000 residual value is also to be depreciated. The straight linemethod is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by 128 and the Office Supplies account reduced by 397 for supplies used during the year. 5. The company holds a 6,000, 12% (annual rate), 6 month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total 65,000. 7. An analysis of the company insurance policies indicates that the Prepaid Insurance account is to be reduced for 528 of expired insurance. 8. A review of travel expense reports indicates that 310 has been paid for airfare for a salesperson (and recorded as Travel Expenses), but has not yet been used. 9. The income tax rate is 30% on current income and will be paid in the first quarter of next year. The pretax income of the company before adjustments is 18,270. Required: Journalize the necessary year-end adjusting entries for Drake. Show supporting calculations in your journal entry explanations.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
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Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 49,000 Depreciation expense—Office equipment 28,000 Depreciation expense—Selling equipment 29,000 Depreciation expense—Factory equipment 71,000 Raw materials purchases (all direct materials) 810,000 Maintenance expense—Factory equipment 42,300 Factory utilities 37,200 Direct labor 484,000 Indirect labor 73,000 Office salaries expense 44,000 Rent expense—Office space 26,000 Rent expense—Selling space 62,000 Rent expense—Factory building 149,000 Sales salaries expense 358,000 Use the following additional information for Leone Company Raw materials inventory, beginning $ 162,000 Raw materials inventory, ending 167,000 Work in process inventory, beginning 49,000 Sales 2,695,000 Work in process inventory, ending 53,000 Finished goods inventory, beginning 69,000 Finished goods inventory, ending…
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 49,000 Depreciation expense—Office equipment 28,000 Depreciation expense—Selling equipment 29,000 Depreciation expense—Factory equipment 71,000 Raw materials purchases (all direct materials) 810,000 Maintenance expense—Factory equipment 42,300 Factory utilities 37,200 Direct labor 484,000 Indirect labor 73,000 Office salaries expense 44,000 Rent expense—Office space 26,000 Rent expense—Selling space 62,000 Rent expense—Factory building 149,000 Sales salaries expense 358,000 Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense.
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense $ 49,000 Depreciation expense—Office equipment 28,000 Depreciation expense—Selling equipment 29,000 Depreciation expense—Factory equipment 71,000 Raw materials purchases (all direct materials) 810,000 Maintenance expense—Factory equipment 42,300 Factory utilities 37,200 Direct labor 484,000 Indirect labor 73,000 Office salaries expense 44,000 Rent expense—Office space 26,000 Rent expense—Selling space 62,000 Rent expense—Factory building 149,000 Sales salaries expense 358,000 Use the following additional information for Leone Company Raw materials inventory, beginning $ 162,000 Raw materials inventory, ending 167,000 Work in process inventory, beginning 49,000 Sales 2,695,000 Work in process inventory, ending 53,000 Finished goods inventory, beginning 69,000 Finished goods inventory, ending…
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment . 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment . 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities . 33,000 Direct labor 675,480 Indirect labor . 56,875 Miscellaneous production costs $ 8,425 Office salaries expense 63,000 Raw materials purchases (direct materials) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space . 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales . 4,462,500 Sales salaries expense . 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead. 3. Classify each period cost as either selling expenses or…