Part a)
Accounting Equation of the Transaction: | |||||||||||||||||
Assets: | = | Stockholders' Equity | Income Statement | Cash Flow Statement | |||||||||||||
Event | Cash + | RM + | WIP + | FG + | Equip-Office | Equip-manuf. | = | C S + | R E | Reve. - | Expenses | = | Net Income | Add/Deduct | Activity | ||
Ob | 678000 | 71000 | 18000 | 44000 | = | 599000 | 212000 | = | |||||||||
1 | -24000 | = | -24000 | = | -24000 | OA | |||||||||||
2 | -60000 | 60000 | = | = | -60000 | OA | |||||||||||
3 | -89000 | 89000 | = | = | |||||||||||||
4 | -80000 | = | -80000 | = | -80000 | OA | |||||||||||
5 | -108000 | 108000 | = | = | -108000 | OA | |||||||||||
6 | -170000 | 170000 | = | = | -170000 | IA | |||||||||||
7 | -20000 | = | -20000 | = | |||||||||||||
8 | -172000 | 172000 | = | = | -172000 | IA | |||||||||||
9 | 18000 | -18000 | = | = | |||||||||||||
10 | -52000 | 52000 | = | = | -52000 | OA | |||||||||||
11 | -76000 | = | -76000 | = | -76000 | OA | |||||||||||
12 | -246000 | 246000 | = | = | |||||||||||||
13 | 435000 | = | 435000 | = | 435000 | OA | |||||||||||
14 | -145800 | = | -145800 | = | |||||||||||||
Total | 371000 | 42000 | 39000 | 144200 | 150000 | 154000 | = | 599000 | 212000 | 435000 | -345800 | = | 89200 | -307000 | |||
G total | 900200 | = | 900200 |
c-1) Cost of goods manufactured: | |||||
Amount $ | |||||
Op WIP | 18000 | ||||
RM: | |||||
Op RM | 71000 | ||||
add:Purchase | 60000 | ||||
Total available | 131000 | ||||
Less:Cl RM | 42000 | ||||
RM used | 89000 | ||||
DL | 108000 | ||||
Overhead: | |||||
Depre of equip | 18000 | ||||
utilities & rent | 52000 | ||||
Overhead applied | 70000 | ||||
Manufacturing added | 267000 | ||||
Total WIP | 285000 | ||||
Less:Cl WIP | 39000 | ||||
Cost of Goods manufactured | 246000 | ||||
Add:Op FG | 44000 | ||||
Goods available for sale | 290000 | ||||
Less:Cl FG | 144200 | ||||
cost of goods sold | 145800 | ||||
c-2) Income Statement: | |||||
Amount $ | |||||
Sales | 435000 | ||||
Less:COGS | 145800 | ||||
Gross Profit | 289200 | ||||
Less:Admin & Selling exp.: | |||||
R&D cost | 24000 | ||||
salaries | 80000 | ||||
Depre. | 20000 | ||||
Holding cost | 76000 | ||||
Total admin & selling exp. | 200000 | ||||
Net Income | 89200 | ||||
c-3) Balance Sheet: | |||||
Assets | Amount $ | ||||
Cash | 371000 | Note 1 | |||
Inventory: | |||||
RM | 42000 | ||||
WIP | 39000 | ||||
FG | 144200 | ||||
Equipments: | |||||
Manufacturing | 172000 | ||||
Admin | 170000 | ||||
Less:Acc. Dep.: | |||||
Manufacturing | -18000 | ||||
Admin | -20000 | ||||
Total Assets | 900200 | ||||
Liabilities & Equity: | Amount $ | ||||
Common Stock | 599000 | ||||
RE (212000+89200) | 301200 | ||||
Total Liability & Equity | 900200 | ||||
Note1:Cash = (678000-24000-60000-80000-108000-170000-172000-52000-76000+435000) |
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies to the questions displayed below Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $674,000; Raw Materials Inventory, $67,000: Work in Process Inventory. $23,000; Finished Goods Inventory. $62,000; Common Stock, $595,000; and Retained Earnings, $231,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies to the questions displayed below. Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash $677000; Raw Materials Inventory, $65,000; Work in Process Inventory, $33,000; Finished Goods Inventory, $45,000; Common Stock, $588,000; and Retained Earnings, $232,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $666,000: Raw Materials Inventory. $55.000; Work in Process Inventory. $27,000: Finished Goods Inventory. $62.000; Common Stock. $598,000; and Retained Earnings. $212,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 (The following information applies to the questions displayed below.) Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $662,000: Raw Materials Inventory. $53,000; Work in Process Inventory. $33,000: Finished Goods Inventory. $44,000; Common Stock, $601,000, and Retained Earnings. $191,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 The following information applies to the questions displayed below. Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $675,000; Raw Materials Inventory, $63,000: Work in Process Inventory, $32,000; Finished Goods Inventory, $49,000; Common Stock, $598,000; and Retained Earnings, $221,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $674,000; Raw Materials Inventory, $52,000; Work in Process Inventory, $23,000; Finished Goods Inventory, $48,000; Common Stock, $601,000; and Retained Earnings, $196,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $674,000; Raw Materials Inventory, $52,000; Work in Process Inventory, $23,000; Finished Goods Inventory, $48,000; Common Stock, $601,000; and Retained Earnings, $196,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $675,000; Raw Materials Inventory, $62,000; Work in Process Inventory, $31,000; Finished Goods Inventory, $60,000; Common Stock, $591,000; and Retained Earnings, $237,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...