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Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission. Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Income Tax expense Factory supplies Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue $150,000 Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $150,000 $400,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000

Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission. Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Income Tax expense Factory supplies Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue $150,000 Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $150,000 $400,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 7E: The following data are taken from the general ledger and other records of Coral Park Production Co....
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Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Income Tax expense Factory supplies $150,000 Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $400,000 $150,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000
Transcribed Image Text:Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000. In addition, use the following information in Onifade Manufacturing Organization. Dividend Transportation OUT Transportation In for materials purchased Work in process Jan 1, 2016 Inventory of Materials, December 31, 2016 Direct Labor Inventory of Materials, January 1, 2016 Finished goods, December 31, 2016 Factory Payroll to other employees in the factory $200,000 Depreciation Factory Machinery Depreciation Office building Work in process, December 31, 2016 Finished Goods, January 1, 2016 Direct Materials purchased Sales Returns and Allowances Purchases Discount on materials purchased Sales Commission Purchases Returns and Allowances on Materials Sales Discount Sales Administrative Office Salaries Advertising expense Bad Debt Expense Income Tax expense Factory supplies $150,000 Administrative Office Supplies Maintenance-Office Equipment Maintenance Factory Machinery Utilities Expense-Office Building Utilities Expense-Factory Building Interest Revenue Gain on Sale of Stock Loss on Sale of Furniture Interest Expense $90,000 $70,000 $400,000 $150,000 $300,000 $150,000 $200,000 $100,000 $250,000 $200,000 $75,000 $300,000 $800,000 $50,000 $15,000 $70,000 $25,000 $30,000 $60,000 $5,000,000 $120,000 $60,000 $15,000 $45,000 $120,000 $90,000 $110,000 $130,000 $60,000 $120,000 $30,000 $20,000
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Principles of Cost Accounting
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ISBN:
9781305087408
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Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
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