Question

Haze Enterprise provided the following: Sales    7,500,000.00 Inventories - Jan 1    Raw Materials 200,000.00...

Haze Enterprise provided the following:

Sales    7,500,000.00

Inventories - Jan 1

   Raw Materials 200,000.00

   Goods in Process    240,000.00

   Finished Goods    360,000.00

Inventories - Dec 31

Raw Materials 280,000.00

Goods in process 170,000.00

   Finished Goods 300,000.00

Purchases    3,000,000.00

Direct Labor    950,000.00

Indirect Labor    250,000.00

Superintendent 210,000.00

Light, heat and power 320,000.00

Rent- Factory Building    120,000.00

Repair and Maintenance Machinery    50,000.00

Factory Supplies Used 110,000.00

Sales, Salaries    400,000.00

Advertising 160,000.00

Depreciation - Store Equipment    70,000.00

Office Salaries 150,000.00

Depreciation - Office Equipment    40,000.00

Depreciation- Machinery 60,000.00

Sales , Returns and Allowances 50,000.00

Interest Income    10,000.00

Gain on Sale of Equipment    100,000.00

Delivery Expenses    200,000.00

Accounting and Legal Fees 150,000.00

Office Expenses    250,000.00

Earthquake Loss    2,000,000.00

Gain from Expropriation of Asset    100,000.00

Income Tax Expenses 320,000.00

* Prepare an Income Statement using the functional Method with Appropriate Notes for the year Ended Dec. 31, 2019

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the accounting records of a Company for the year just completed: Costs incurred: Direct labor cost ...................................................       350,000.00 Purchases of raw materials ..................................       590,000.00 Manufacturing overhead ......................................       400,000.00 Advertising expense .............................................       450,000.00 Sales salaries .......................................................       250,000.00 Depreciation, office equipment ............................    1,500,000.00 Inventories: Beginning the Year End the Year Raw materials ............................      35,000.00          75,000.00 Work in process ..........................      50,000.00          25,000.00 Finished goods...
Trial Balance Worksheet as at June 30, 2018 ? ? ? ? ? ? ? Account...
Trial Balance Worksheet as at June 30, 2018 ? ? ? ? ? ? ? Account Adjusted Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $ 1,040,500.00 ? ? ? $ 1,040,500.00 ? Raw Material Inventory $   190,500.00 ? ? ? $   190,500.00 ? Work-in-Process Inventory $   116,050.00 ? ? ? $   116,050.00 ? Jobs Completed (Finished Goods Inventory) $               -   ? ? ? $               -   ? Note Receivable $   100,000.00 ? ? ? $   100,000.00 ?...
1. Raw Materials Inventory, Jan 1 $75,000 Raw Materials Inventory, Dec 31 $30,000 Work in Process...
1. Raw Materials Inventory, Jan 1 $75,000 Raw Materials Inventory, Dec 31 $30,000 Work in Process Inventory, Jan 1 $105,000 Work in Process Inventory, Dec 31 $75,000 Finished Goods Inventory, Jan 1 $25,000 Finished Goods Inventory, Dec 31 $130,000 Material Purchases $65,000 Direct Labor $150,000 Indirect Labor $10,000 Factory Utilities $25,000 Factory Supplies $5,000 Factory Rent $95,000 Depreciation on Office Building $15,000 a. Direct Materials Used b. Factory Overhead c. Cost of Goods Manufactured d. Cost of Goods Sold
The following selected account balances are provided for Delray Mfg. Sales $ 1,498,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,498,000 Raw materials inventory, Dec. 31, 2016 40,000 Work in process inventory, Dec. 31, 2016 51,600 Finished goods inventory, Dec. 31, 2016 67,100 Raw materials purchases 184,300 Direct labor 223,000 Factory computer supplies used 23,100 Indirect labor 50,000 Repairs—Factory equipment 5,250 Rent cost of factory building 59,000 Advertising expense 95,000 General and administrative expenses 130,000 Raw materials inventory, Dec. 31, 2017 42,500 Work in process inventory, Dec. 31,...
Find the cost of good manufactured based on the following data Revenue and expenses:                            &nb
Find the cost of good manufactured based on the following data Revenue and expenses:                                                January 1 inventories:       Purchases of raw materials            $170,000            Raw materials                                $ 30,000       Direct labor                                   240,000            Work in process                                $ 45,000       Indirect labor                                    40,000            Finished goods                            $105,000       Rent – factory                                   84,000       Depreciation – machinery                 35,000            December 31 inventories:       Insurance – factory                           18,000            Raw materials                                $ 40,000       Utilities – factory                                  2,500             Work...
The following selected account balances are provided for Delray Mfg. Sales $ 1,472,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,472,000 Raw materials inventory, beginning 36,000 Work in process inventory, beginning 57,200 Finished goods inventory, beginning 68,000 Raw materials purchases 176,300 Direct labor 238,000 Factory supplies used (indirect materials) 21,600 Indirect labor 55,000 Repairs—Factory equipment 5,250 Rent cost of factory building 53,000 Advertising expense 98,000 General and administrative expenses 140,000 Raw materials inventory, ending 48,000 Work in process inventory, ending 45,200 Finished goods inventory, ending 65,100 Prepare an...
The following selected account balances are provided for Delray Mfg. Sales $ 1,220,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,220,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 57,800 Finished goods inventory, beginning 63,900 Raw materials purchases 199,900 Direct labor 232,000 Factory supplies used (indirect materials) 23,700 Indirect labor 48,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 110,000 General and administrative expenses 140,000 Raw materials inventory, ending 40,000 Work in process inventory, ending 42,200 Finished goods inventory, ending 72,300 Prepare an...
Required information The following selected account balances are provided for Delray Mfg. Sales $ 1,250,000 Raw...
Required information The following selected account balances are provided for Delray Mfg. Sales $ 1,250,000 Raw materials inventory, Dec. 31, 2016 37,000 Work in process inventory, Dec. 31, 2016 53,900 Finished goods inventory, Dec. 31, 2016 62,750 Raw materials purchases 175,600 Direct labor 225,000 Factory computer supplies used 17,840 Indirect labor 47,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 94,000 General and administrative expenses 129,300 Raw materials inventory, Dec. 31, 2017 42,700 Work in process inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,193,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,193,000 Raw materials inventory, beginning 45,000 Work in process inventory, beginning 51,700 Finished goods inventory, beginning 68,700 Raw materials purchases 160,000 Direct labor 241,000 Factory supplies used (indirect materials) 19,100 Indirect labor 40,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 109,000 General and administrative expenses 126,000 Raw materials inventory, ending 42,900 Work in process inventory, ending 38,200 Finished goods inventory, ending 69,000 Prepare its...
The following account balances and other information are from SUNN Corporation’s accounting records for year-end December...
The following account balances and other information are from SUNN Corporation’s accounting records for year-end December 31 2019. Use this information to prepare a (A) table listing factory overhead costs, (B) a schedule of cost of goods manufactured and (C) an Income statement. Inventories : $’000 $’000 Finished goods inventory Dec. 31 2018 Finished goods inventory Dec. 31 2019 15,000 12,500 Sales 1,750,000 Work in process inventory Dec. 31 2018 Work in process inventory Dec. 31 2019 8,000 9,000 Depreciation...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT