College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 27, Problem 6SPB
SPREADSHEET,
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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Spreadsheet
Lundberg Company had the following trial balance columns on its spreadsheet:The trial balance of Lundberg Company is shown in its spreadsheet.
Data for adjusting the accounts are as follows:
(a)
Factory overhead to be applied to work in process ending inventory
$3,100
(b)
Estimate of this year's sales that will be returned next year
590
(c)
Cost of goods expected to be returned
260
(d)
Interest receivable
80
(e)
Interest payable
620
(f)
Estimate of uncollectible accounts, based on an aging of accounts receivable
2,400
(g)
Office supplies consumed
2,900
(h)
Factory supplies consumed
3,300
(i)
Factory building depreciation
5,000
(j)
Factory equipment depreciation
4,000
(k)
Overapplied factory overhead
1,470
(l)
Provision for corporate income taxes
6,100
(m)
Physical counts of the inventories agreed with the amounts in the books.
Additional information needed to prepare the financial statements is as follows:
Beginning inventories:…
Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts).
Prepare an income statement. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.
Required:
(a) What is the balance in the Cost of Goods Sold account after the adjustment?
(b) Compute, BuiltbyHands Stores‘gross profit earned on the jobs completed.
(c) Open T-accounts for Materials Inventory, Work in Process Inventory and Finished Goods Inventory. Post the appropriate entries to these accounts & determine the ending account balances.
Chapter 27 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 27 - Prob. 1TFCh. 27 - Under the perpetual inventory system, Cost of...Ch. 27 - Prob. 3TFCh. 27 - Prob. 4TFCh. 27 - The adjustment for factory overhead applied to...Ch. 27 - LO2 The adjustment for the amount of factory...Ch. 27 - The adjustment for depreciation expense for the...Ch. 27 - At the end of the accounting period, a credit...Ch. 27 - Prob. 4MCCh. 27 - Prob. 5MC
Ch. 27 - LO2 Prepare adjusting entries at December 31 for J...Ch. 27 - Prob. 2CECh. 27 - Prob. 3CECh. 27 - Prob. 1RQCh. 27 - Prob. 2RQCh. 27 - Prob. 3RQCh. 27 - Prob. 4RQCh. 27 - Prob. 5RQCh. 27 - What are the distinctive features of ToyJoys...Ch. 27 - Prob. 7RQCh. 27 - Prob. 8RQCh. 27 - Prob. 9RQCh. 27 - ADJUSTING ENTRIES INCLUDING ADJUSTMENT FOR...Ch. 27 - Prob. 2SEACh. 27 - ADJUSTING JOURNAL ENTRIES Prepare the December 31...Ch. 27 - CLOSING JOURNAL ENTRIES Prepare closing journal...Ch. 27 - REVERSING JOURNAL ENTRIES Prepare reversing...Ch. 27 - WORK SHEET, ADJUSTING ENTRIES, AND FINANCIAL...Ch. 27 - FINANCIAL STATEMENTS The Income Statement and...Ch. 27 - ADJUSTING, CLOSING, AND REVERSING ENTRIES A...Ch. 27 - ADJUSTING ENTRIES INCLUDING ADJUSTMENT FOR...Ch. 27 - Prob. 2SEBCh. 27 - Prob. 3SEBCh. 27 - Prob. 4SEBCh. 27 - REVERSING ENTRIES Prepare reversing journal...Ch. 27 - SPREADSHEET, ADJUSTING ENTRIES, AND FINANCIAL...Ch. 27 - FINANCIAL STATEMENTS The Income Statement and...Ch. 27 - Prob. 8SPBCh. 27 - Prob. 1MYWCh. 27 - Reese Manufacturing Company manufactures and sells...Ch. 27 - Drafts of the condensed income statement and...
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