Accounting 2
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
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Raw Materials Inventory 7/1/19 |
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$48,000 |
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Factory Insurance |
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$4,600 |
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Raw Materials Inventory 6/30/20 |
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39,600 |
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Factory Machinery Depreciation |
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16,000 |
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Finished Goods Inventory 7/1/19 |
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96,000 |
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Factory Utilities |
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27,600 |
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Finished Goods Inventory 6/30/20 |
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75,900 |
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Office Utilities Expense |
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8,650 |
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Work in Process Inventory 7/1/19 |
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19,800 |
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Sales Revenue |
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534,000 |
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Work in Process Inventory 6/30/20 |
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18,600 |
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Sales Discounts |
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4,200 |
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Direct Labor |
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139,250 |
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Plant Manager’s Salary |
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58,000 |
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Indirect Labor |
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24,460 |
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Factory Property Taxes |
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9,600 |
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Accounts Receivable |
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27,000 |
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Factory Repairs |
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1,400 |
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Raw Materials Purchases |
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96,400 |
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Cash |
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32,000 |
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Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
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CLARKSON COMPANY Cost of Goods Manufactured Schedule
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$
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$
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:
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$
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:
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$
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Prepare an income statement through gross profit.
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CLARKSON COMPANY (Partial) Income Statement
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$
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$
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:
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$
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CLARKSON COMPANY (Partial) Balance Sheet
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$
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$
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$
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