Question

help please.

Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 70,000 109,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) $ 37,000 Videos in process 52, 300 Finished videos awaiting sale 88,000 Prepaid insurance Total current assets Studio and equipment 744,000 Less accumulated depreciation 217.000 Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock $427,000 Retained earnings 277,000 Total liabilities and stockholders' equity 177,000 10,400 366,400 527,000 $893,400 $189,400 704,000 $893,400

Answer 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri - General 1 D . Wrap Text Merge & Center 3 AutoSum" AT A * Cut La Copy Paste - Format Painter Clipboard 11 - A A ->-A BI U - 9 % 8... Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fix A1 ГДА 44 E F G H I Cash Account $ Balance b/d Accounts Receivable Total 70,000.00 Salaries and Wages 8,57,000.00 Balance C/d 9,27,000.00 $ $ $ 7,99,000.00 1,28,000.00 9,27,000.00 $ Balance b/d Sales Total Accounts Receivable $ $ $ 1,09,000.00 Cash 9,39,000.00 Balance C/d 10,48,000.00 $ $ $ 8,57,000.00 1,91,000.00 10,48,000.00 Balance b/d Accounts Payable Total Merchandise Inventory $ $ $ 37,000.00 By Video in Process 1,92,000.00 Balance C/d 2,29,000.00 $ $ $ 2,07,000.00 22,000.00 2,29,000.00 Prepaid Insurance $ Balance b/d 10,400.00 By Insurance Balance C/d 10,400.00 $ $ 7,700.00 2,700.00 10,400.00 Total $ Video in Process 65 66 Balance b/d Merchandise Inventory($207000*80%) Sheet1 Sheet2 Sheet3 52,000.00 Finished Goods 1,65,600.00 Balance C/d $ $ 5,57,000.00 85,600.00 $ K Ready Average: 266524.7045 Count: 372 Sum: 46908348 B + O 100% 0 ANDENG 25-02-2020 W 10:16

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 Wrap Text Merge & Center 1 - 3 Autosum * LE Paste Format Painter Clipboard 11 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Filter Editing Find & Select Font Alignment Number Cells fic A1 A F G H I K 2 64 Video in Process $ $ 5,57,000.00 85,600.00 Balance b/d Merchandise Inventory($207000*80%) Direct Labor Overhead ($240000/5000) *7000 52,000.00 Finished Goods 1,65,600.00 Balance C/d 89,000.00 3,36,000.00 $ Total $ 6,42,600.00 $ 6.42.600.00 $ Predermined Overhead rate=Estimated Overhead/Allocation base Estimated Overhead=(A) Allocation Base=(B) Predermined Overhead rate=(A)/(B) 2,40,000.00 5000 48.00 $ Balance b/d Studio and Equipment $ 7,44,000.00 By Balance C/d $ 7,44,000.00 Total $ 7,44,000.00 $ 7,44,000.00 85 86 Balance b/d Video in Process Total Sheet1 Sheet2 Sheet30 Finished Goods $ $ Is 88,000.00 By Cost of good sold 5,57,000.00 By Balance C/d 6.15 nonnol $ $ Ć 6,07,000.00 38,000.00 645.000 87 Ready Average: 266524.7045 Count: 372 Sum: 46908348 3 O 100% - 0 ENG 0 10:16 25-02-2020 SP W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General LE Paste Format Painter Clipboard 11 - A A ->-A Wrap Text Merge & Center - % , L 1 a comditional BI U - 8 -95 1 to les con Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format - 3 insert Delete Format insert beste for Autosum * 2 Clearn 2cle more screen 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - fx A1 ГДА 84 85 F G H I Balance b/d Video in Process Total Finished Goods $ $ $ 88,000.00 By Cost of good sold 5,57,000.00 By Balance C/d 6,45,000.00 $ $ $ 6,07,000.00 38,000.00 6,45,000.00 To Balance C/d Accumulated Depreciation $ 3,08,000.00 By Balance b/d By Depreciation $ 3,08,000.00 $ $ $ 2,17,000.00 91,000.00 3,08,000.00 Total Studio Overhead $ 3,36,000.00 Indirect Material($207000*20%) Utility Expenses Depreciation Indirect Labor Prepaid Insurance($7700*75%) To Cost of goods sold Total $ $ $ $ $ 41,400.00 By Video in Process 79,000.00 68,250.00 1,17,000.00 5,775.00 24,575.00 3,36,000.00 $ 3,36,000.00 102 103 Depreciation Expense $ 104 To Accumulated Depreciation($91000*1/4) 22,750.00 By Balance C/d $ 22,750.00 105 $ 22,750.00 $ 22,750.00 106 » Ready Total Sheet1 Sheet2 Sheet3avel > Average: 266524.7045 Count: 372 Sum: 46908348 DO 100% ve 0 ENG 0 10:16 25-02-2020 SP W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 Wrap Text Merge & Center 1 - 3 Autosum * LE Paste Format Painter Clipboard 11 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Filter Editing Find & Select Font Alignment Number Cells A1 D E F G H I J K 108 Insurance Expense $ To Prepaid Insurance($7700*25%) 1,925.00 By Balance C/d $ 1,925.00 110 Total $ 1,925.00 $ 1,925.00 113 114 To Accounts Payable Advertisement Expense $ 1,37,000.00 By Balance C/d $ 1,37,000.00 Total $ 1,37,000.00 $ 1,37,000.00 117 Miscellaneous Expense $ To Accounts Payable 9,300.00 By Balance C/d $ 9,300.00 Total $ 9,300.00 $ 9,300.00 Administrative Salaries Expense $ 1,02,000.00 By Balance C/d To Accounts Payable $ 1,02,000.00 Total $ 1,02,000.00 $ 1,02,000.00 Sales 129 To Balance c/d | $ 9,39,000.00 By Accounts Receivable $ 9,39,000.00 130 non itir Sheeti' Sheet2 Sheet3_ Ready Average: 266524.7045 Count: 372 Sum: 46908348 3 O 100% - 0 ENG 0 10:16 25-02-2020 SP W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General D LE Paste Format Painter Clipboard 11 - A A ->-A Wrap Text Merge & Center 9 - % , 98-93 conditional Formulie E Autosum Fill Ž clear BI U - - E Insert Delete Format A7 Z Et Sort & Find & Filter Select Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear some senere Font Alignment Number Cells Editing A1 A F G H 2 128 I Sales To Balance C/d $ 9,39,000.00 | By Accounts Receivable $ 9,39,000.00 130 Total $ 9,39,000.00 $ 9,39,000.00 132 Cost of goods sold $ To Finished Goods 6,07,000.00 By Studio in Process By Balance C/d 6,07,000.00 $ $ $ 24,575.00 5,82,425.00 6,07,000.00 Total $ 137 To Finished Goods To Balance C/d Accounts Payable $ $ 5,07,000.00 By Balance b/d 99,700.00 By Merchandise Inventory By Studio Overhead By Advertisement Expense By Miscellaneous Expense $ $ $ $ $ 1,89,400.00 1,92,000.00 79,000.00 1,37,000.00 9,300.00 143 144 145 Total $ 6,06,700.00 $ 6,06,700.00 146 147 148 Salaries & Wages Payable By Salaries and Wages $ 2,92,000.00 Expense $ 16,000.00 Ć 2 no non nn $ 3,08,000.00 To Cash To Balance C/d Sheet1 Sheet2 149 150 Total Ć 2 no non nn Sheet3 Ready Average: 266524.7045 Count: 372 Sum: 46908348 B O + 100% - 0 ENG 0 10:16 25-02-2020 SP 0 W

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 Wrap Text Merge & Center 1 - 3 Autosum * LE Paste Format Painter Clipboard 11 - A A ->-A BI U - 9 % 8... Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells - for A1 A 2 147 148 Salaries & Wages Payable By Salaries and Wages $ 2,92,000.00 Expense $ 16,000.00 $ 3,08,000.00 $ 3,08,000.00 To Cash To Balance C/d Total 149 $ 3,08,000.00 150 151 Capital Stock To Balance C/d $ 4,27,000.00 By Balance B/d $ 4,27,000.00 Retained Earnings $ To Balance C/d 2,77,000.00 By Balance B/d $ 2,77,000.00 Overhead is over applied by $24575 transferred to cost of goods sold Supreme Video Inc. Cost of Goods manuafactured 163 Amount 166 167 Direct Material Beginning Raw Material Inventory Add: Purchases Stanislausilable Sheet1 Sheet2 Sheet3 $ $ 37,000.00 1,92,000.00 168 » Ready + Average: 266524.7045 Count: 372 Sum: 46908348 DO 100% ve PANDENG 0 10:17 25-02-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 D . Wrap Text Merge & Center 3 AutoSum" AT A LE Paste Format Painter Clipboard 11 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A1 ГДА 161 F G H I J 162 Overhead is over applied by $24575 transferred to cost of goods sold Supreme Video Inc. Cost of Goods manuafactured 164 Amount 166 167 168 $ $ $ $ 37,000.00 1,92,000.00 2,29,000.00 -22,000.00 170 172 2,07,000.00 1,65,600.00 89,000.00 173 174 175 176 177 178 Direct Material Beginning Raw Material Inventory Add: Purchases Total raw material available Less: Ending Raw Material Total raw material available Raw Material used in Production($207000*80%) Direct Labor Manuafcturing Overhead Indirect Material Indirect Labor Utilties:Plant Depreciation: Plant & Equipment Other Total Manufacturing Overhead Total Manufacturing Cost Add: Work in Process January 1st, Total (Less: Work in Process Ending Dec 31st Sheet1 Sheet2 Sheet3 $ $ $ $ $ 41,400.00 1,17,000.00 79,000.00 68,250.00 30,350.00 179 180 182 3,36,000.00 5,90,600.00 52,000.00 6,42,600.00 -85,600.00 183 184 K Ready + Average: 266524.7045 Count: 372 Sum: 46908348 B gl OU 100% 0 ^ ENG NG 25-02-2020 10:17 W o

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 Wrap Text Merge & Center 1 - 3 LE Paste Format Painter Clipboard Autosum * 11 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells A1 ГДА F G H I J 166 167 $ $ 168 37,000.00 1,92,000.00 2,29,000.00 -22,000.00 169 $ 2,07,000.00 1,65,600.00 89,000.00 173 174 Direct Material Beginning Raw Material Inventory Add: Purchases Total raw material available Less: Ending Raw Material Total raw material available Raw Material used in Production ($207000*80%) Direct Labor Manuafcturing Overhead Indirect Material Indirect Labor Utilties:Plant Depreciation: Plant & Equipment Other Total Manufacturing Overhead Total Manufacturing Cost Add: Work in Process January 1st, Total Less: Work in Process Ending Dec 31st Cost of goods manufactured $ $ 41,400.00 1,17,000.00 79,000.00 68,250.00 30,350.00 178 $ $ 180 181 182 3,36,000.00 5,90,600.00 52,000.00 6,42,600.00 -85,600.00 5,57,000.00 183 184 $ 186 187 Supreme Video Inc. Cost of goods sold 188 189 Ke Ready Amount Sheet1 Sheet2 Sheet30 + Average: 266524.7045 Count: 372 Sum: 46908348 DO 100% PAHO ENG 0 10:17 25-02-2020 a

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View * Cut Copy Calibri - General 1 D . Wrap Text Merge & Center 3 AutoSum" AT A LE Paste Format Painter Clipboard 11 - A A ->-A BI U - Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format 2 Clear Sort & Find & Filter Select Editing Font Alignment Number Cells fic A1 ГДА 186 F G H I J 187 Supreme Video Inc. Cost of goods sold 188 189 190 191 192 193 Beginning Finished goods Inventory=(A) Add: Cost of goods manufactured=(B) Cost of goods available for sale(C)=(A)+(B) Less: Ending Finished goods Inventory=(D) Unadjusted cost of goods sold Less: Overapplied Overhead Adjusted cost of goods sold Amount $ 88,000.00 $ 5,57,000.00 $ 6,45,000.00 $ 38,000.00 $ 6,07,000.00 $ -24,575.00 $ 5,82,425.00 195 196 197 198 Supreme Video Inc. Income Statement 200 9,39,000.00 -5,82,425.00 3,56,575.00 201 202 203 204 Sales of Video Less: Cost of good sold Gross Margin Selling and Administrative Expense: Depreciation Expense Advertising Expense Administrative Salaries nsurance Expense Miscellaneous Expense Net Operating Income Sheet1 Sheet2 Sheet3 205 $ $ $ $ $ 206 207 208 22,750.00 1,37,000.00 1,02,000.00 1,925.00 9,300.00 $ $ 2,72,975.00 83,600.00 209 I Ready + Average: 266524.7045 Count: 372 Sum: 46908348 DO 100% ve SA AND ENG 0 10:17 25-02-2020