Accounting 14

Please complete tabs P-27-7A,, 27-6A (a,b,c,d statements tab). I need those completed by Wed. afternoon. I can only pay $15.00.

E27-A

, 20-2

, July 1, 20-1

inventory, July 1, 20-1

Mark Sears: Enter as a formula

Exercise 27-2A

Name:

Enter the appropriate numbers/formulas in the shaded (gray) cells.

An asterisk (*) will appear in the column to the right of an incorrect answer.

Tomas Company

Schedule of Cost of Goods Manufactured

For Year Ended June 3

Work in process

Direct materials

Materials

Materials purchases

Materials available for use

Materials inventory, June 30, 20-2

Cost of materials used

Less indirect materials used

Cost of direct materials used

Direct labor

Factory overhead

Total manufacturing costs

Mark Sears: Enter as a formula

Total work in process during the period

Mark Sears: Enter as a formula

Work in process, June 30, 20-2

Cost of goods manufactured

Mark Sears: Enter as a formula

P27A Worksheet

Name:

An asterisk (*) will appear in the column to the right of an incorrect answer.

Debit Credit Debit Credit Debit Credit Debit Credit

30,300

5,000 5,000

75 75

34,000 34,000

2,930

24,000 24,000

12,100

8,500

3,100

200

500 500

100,000 100,000

120,000 120,000

5,000

15,000

40,000 40,000

5,000 4,000 9,000 9,000

600 600

13,800 13,800

6,100 6,100

80,000 80,000

50,000 50,000

30,000 30,000

92,400 92,400

30,000 30,000 30,000

405,100 405,100

300 75

375

3,300 3,100 92,400 92,400

5,000
4,000

1,470

189,230

70,000 70,000

2,900 2,900 2,900

2,400 2,400 2,400

4,400 4,400

600

7,600

6,100

24,100

776,430

Mark Sears: Enter as a formula

28,945
Mark Sears: Enter as a formula

797,705
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

104,845
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
405,475
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
405,475 404,675

Mark Sears: Enter amounts in this column as formulas where appropriate

Mark Sears: Enter as a formula

	Problem 27-6A
Enter the appropriate answers in the shaded (gray) cells.
1.
				Herrera Company
Work Sheet
For Month Ended December 31 20–
Trial Balance	Adjustments	Adjusted Trial Balance		Income Statement
	Balance Sheet
Account Title					Debit					Credit
	Cash		30,	300	30,300 Mark Sears: Enter amounts in this column as formulas where appropriate
Government Notes							5,000
Interest Receivable					75
Accounts Receivable			3		4,000
Allowance for Bad Debts	530					2,400			2,930
Finished Goods Inventory				24,000
Work in Process Inventory				9,000			3,100			12,100
Materials Inventory			8,			500		8,500
Office Supplies					2,900			200
Factory Supplies	3,800		3,300
	Land			100,000
Factory Building			120,000
Accum. Depr. – Factory Bldg.	10,000			15,000
Factory Equipment			40,000
Accum. Depr. – Factory Equip.
Interest Payable				600
Accounts Payable				13,800
Income Tax Payable					6,100
Bonds Payable				80,000
Capital Stock			50,000
Paid-In Capital in Excess of Par								30,000
Retained Earnings					92,400
Cash Dividends
Sales			405,100
Interest Revenue			375
Factory Overhead	78,630	89,300
	1,470
Cost of Goods Sold	190,700		189,230
Wages Expense			70,000
Office Supplies Expense
Bad Debt Expense
Utilities Expense – Office				4,400
Interest Expense	7,000			7,600
Income Tax Expense	18,000			24,100
	776,430										Mark Sears: Enter as a formula	28,945 Mark Sears: Enter as a formula	797,705 Mark Sears: Enter as a formula	300,630 Mark Sears: Enter as a formula	405,475	404,675	299,830 Mark Sears: Enter as a formula
Net Income
		104,845
404,675 Mark Sears: Enter as a formula
	Mark Sears: Enter amounts in this column as formulas where appropriate

Statements

Problem 27-6A Name:

Enter the appropriate numbers/formulas in the shaded (gray) cells.
An asterisk (*) will appear in the column to the right of an incorrect answer.

Herrera Company

Income Statement

inventory, January 1

Cost of goods manufactured

24,000

expense

2,900

2,400

4,400

375

7,600

24,100

Herrera Company
Schedule of Cost of Goods Manufactured
For Year Ended December 31, 20–

Direct materials

Materials purchases

Materials available for use

8,500

Cost of materials used

Cost of direct materials used

Direct labor

Factory overhead

Total manufacturing costs

Total work in process during the period

Cost of goods manufactured

Herrera Company

For Year Ended December 31, 20–

, Janaury 1

104,845

30,000

Mark Sears: Enter as a formula

Herrera Company
Balance Sheet

December 31, 20–
Cash

5,000

2,930

Finished goods

Work in process 12,100
Materials 8,500

Office supplies 200

500

Land

15,000

Less accumulated depreciation 9,000

13,800

6,100

80,000

30,000

Retained earnings 167,245
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
$ 347,745

2. a.
		For Year Ended	December 31, 20–
Net sales	$ 405,100
Less cost of goods sold:
	Finished goods	$ 18,000
195,230
Cost of goods available for use	$ 213,230 Mark Sears: Enter as a formula
Finished goods inventory, December 31
Cost of goods sold	189,230 Mark Sears: Enter as a formula
Gross profit	$ 215,870 Mark Sears: Enter as a formula
Operating expenses:
Wages expense	$ 70,000
	Office supplies
Bad debt expense
Utilities expense
Total operating expenses	79,700 Mark Sears: Enter as a formula
Operating income	$ 136,170 Mark Sears: Enter as a formula
Other revenue:
Interest revenue
$ 136,545 Mark Sears: Enter as a formula
Other expense:
Interest expense
Income before income taxes	$ 128,945 Mark Sears: Enter as a formula
Income tax
Net income	$ 104,845 Mark Sears: Enter as a formula
2. b.
Work in process, January 1	$ 7,300
Materials inventory, January 1	$ 9,500
51,500
$ 61,000 Mark Sears: Enter as a formula
Materials inventory, December 31
52,500 Mark Sears: Enter as a formula
Less indirect materials charged to prod.	3,400
$ 49,100 Mark Sears: Enter as a formula
60,000
90,930
200,030 Mark Sears: Enter as a formula
$ 207,330 Mark Sears: Enter as a formula
Work in process, December 31	12,100 Mark Sears: Enter as a formula
$ 195,230
2. c.
Retained Earnings Statement
	Retained earnings	$ 92,400
Add net income for the year (after provision for income taxes)
$ 197,245 Mark Sears: Enter as a formula
Less cash dividends
Retained earnings, December 31	$	167,245
2. d.
Assets
Current assets:
$ 30,300
Government notes
Interest receivable
Accounts receivable	$ 34,000
Less allowance for bad debts	31,070 Mark Sears: Enter as a formula
Inventories:
$ 24,000
44,600 Mark Sears: Enter as a formula
Factory supplies
Total current assets	111,745 Mark Sears: Enter as a formula
Property, plant, and equipment:
$ 100,000
Factory building	$ 120,000
	Less accumulated depreciation	105,000 Mark Sears: Enter as a formula
Factory equipment	$ 40,000
31,000 Mark Sears: Enter as a formula
Total property, plant, and equipment	236,000
Total assets		$ 347,745
Liabilities
Current liabilities:
Interest payable	$ 600
Accounts payable
Income tax payable
Total current liabilities	20,500 Mark Sears: Enter as a formula
Long-term liabilities:
Bonds payable
Total liabilities	$ 100,500
Stockholders’ Equity
Capital stock	$ 50,000
Paid-in capital in excess of par
Total stockholders’ equity	247,245 Mark Sears: Enter as a formula
Total liabilities and stockholders’ equity

Essay Question

Please go to Chapter 23, review the purpose of the Statement of Cash Flows and write a short answer essay of at least 150 words analyzing how the change in cash and cash equivalents determine the effectiveness of cash flow management.

Grading Rubric

5 points

Essay Question 5 points

Week 7 Grading Rubric
Point Available	Points Earned
E27-2A Total	10 points
P27-6A Total	2	5 points
*requirement 1
*requirement 2a
*requirement 2b
*requirement 2c
*requirement 2d
Total Score
`

E-27-2A : Cost of gods manufactured $287,500

Schedule of cost of goods manufactured. Prepare a schedule of cost of goods manufactured for Tomas Company for the year ended June 30, 20-2. Information to prepare the schedule is as follows:

Work in process, July 1, 20-1 $6,400

Materials inventory, July 1, 20-1 4,875

Materials purchases 68,950

Direct labor 140,300

Actual factory overhead 85,225

Work in process, June 30, 20-2 7,700

Materials inventory, June 30, 20-2 6,950

Indirect materials charged to production 3,600

P 27-6A Net income $104,845

Work sheet, adjusting entries, and financial statements

Herrera Company

had the following trial balance columns on its work sheet.

Herrera Company

Trail Balance

December 31, 20—

Account Title Debit Balance Credit Balance

Cash———————————————————–30,300.00—————————————

Government Notes——————————————5,000.00————————————–

Interest Receivable——————————————————————————————–

Accounts Receivable————————————–34,000.00—————————————-

Allowance for Bad Debts——————————————————————-530.00———

Finished Goods Inventory——————————–24,000.00————————————–

Work in Process Inventory———————————9,000.00————————————–

Materials Inventory——————————————8,500.00————————————–

Office-Supplies————————————————3,100.00————————————–

Factory Supplies———————————————–3,800.00—————————————-

Land———————————————————–100,000.00—————————————

Factory Building———————————————120,000.00————————————–

Accumulated Depreciation—Factory Building———————————– 10,000.00

Factory Equipment——————————————-40,000.00——————————————

Accumulated Depreciation—Factory Equipment—————————————–5,000.00

Interest Payable—————————————————————————————————–

Accounts Payable———————————————————————————13,800.00

Income Tax Payable———————————————————————————————–

Bonds Payable————————————————————————————–80,000.00

Capital Stock—————————————————————————————-50,000.00

Paid-In Capital in Excess of Par—————————————————————–30,000.00

Retained Earnings———————————————————————————-92,400.00

Cash Dividends———————————————-30,000.00—————————————

Sales———————————————————————————————-405,100.00—

Interest Revenue———————————————————————————–300.00—

Factory Overhead——————————————-78,630.00—————————————-

Cost of Goods Sold—————————————–190,700.00————————————————-

Wages Expense———————————————–70,000.00—————————————————

Office Supplies Expense——————————————————————————————————-

Bad Debit Expense—————————————————————————————————————-

Utilities Expense—Office————————————4,400.00——————————————————-

Interest Expense———————————————–7,000.00——————————————————

Income Tax Expense—————————————18,000.00———————————————————

——————————————————————-776,430.00———————776,430.00——————

Data for adjusting the accounts are as follows:

a. Factory overhead to be applied to work in process ending inventory $3,100

b. Interest receivable $75

c. Interest payable 600

d. Estimate of uncollectible accounts based on an aging of accounts receivable 2,930

e. Office supplies consumed 2,900

f. Factory supplies consumed 3,300

g. Factory building depreciation 5,000

h. Factory equipment depreciation 4,000

i. Over applied factory 1,470

j. Provision for corporate income taxes 6,100

k. 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:

Finished goods January 1 $18,000

Work in process, January 1 7,300

Materials inventory, January 1 9,500

Materials purchases for the year 51,500

Direct labor 60,000

Actual factory overhead 90,930

Indirect materials charged to production 3,400

Required:

1. Prepare a work sheet

2. Prepare the following financial statements and schedule:

a. Income statement

b. Schedule of cost of goods manufactured

c. Retained earnings statement

d. Balance sheet

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