SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Company’s trial balance columns from its spreadsheet are shown on the next page. Data for adjusting the accounts are as follows: Additional information needed to prepare the financial statements is as follows: Assume that all materials inventory items are direct materials. REQUIRED 1. Prepare a spreadsheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) schedule of cost of goods manufactured (c) statement of retained earnings (d) balance sheet
College Accounting, Chapters 1-27 ...
College Accounting, Chapters 1-27 ...
Solutions
SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Company’s trial balance columns from its spreadsheet are shown on the next page. Data for adjusting the accounts are as follows:
Additional information needed to prepare the financial statements is as follows:
Assume that all materials inventory items are direct materials.
REQUIRED
- 1. Prepare a spreadsheet.
- 2. Prepare the following financial statements and schedule:
- (a) income statement
- (b) schedule of cost of goods manufactured
- (c) statement of retained earnings
- (d) balance sheet
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