Accounting 14

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E27-A

Exercise 27-2A

Name:

Enter the appropriate numbers/formulas in the shaded (gray) cells.

An asterisk (*) will appear in the column to the right of an incorrect answer.

Tomas Company

Schedule of Cost of Goods Manufactured

For Year Ended June 30, 20-2

Work in process, July 1, 20-1

Direct materials

Materials inventory, July 1, 20-1

Materials purchases

Materials available for use

Materials inventory, June 30, 20-2

Cost of materials used

Less indirect materials used

Cost of direct materials used

Direct labor

Factory overhead

Total manufacturing costs

Mark Sears: Enter as a formula

Total work in process during the period

Mark Sears: Enter as a formula

Work in process, June 30, 20-2

Cost of goods manufactured

Mark Sears: Enter as a formula

P27A Worksheet

Problem 27-6A					Name:
	Enter the appropriate answers in the shaded (gray) cells.
	An asterisk (*) will appear in the column to the right of an incorrect answer.
1.
Herrera Company
Work Sheet
For Month Ended December 31 20--
		Trial Balance		Adjustments			Adjusted Trial Balance		Income Statement		Balance Sheet
	Account Title	Debit	Credit	Debit		Credit	Debit	Credit	Debit	Credit	Debit	Credit
	Cash	30,300														30,300 Mark Sears: Enter amounts in this column as formulas where appropriate				30,300
	Government Notes	5,000														5,000				5,000
	Interest Receivable													75		75				75
	Accounts Receivable	34,000														34,000				34,000
	Allowance for Bad Debts		530												2,400		2,930				2,930
	Finished Goods Inventory	24,000														24,000				24,000
	Work in Process Inventory	9,000												3,100		12,100				12,100
	Materials Inventory	8,500														8,500				8,500
	Office Supplies	3,100													2,900	200				200
	Factory Supplies	3,800													3,300	500				500
	Land	100,000														100,000				100,000
	Factory Building	120,000														120,000				120,000
	Accum. Depr. - Factory Bldg.		10,000												5,000		15,000				15,000
	Factory Equipment	40,000														40,000				40,000
	Accum. Depr. - Factory Equip.		5,000												4,000		9,000				9,000
	Interest Payable														600		600				600
	Accounts Payable		13,800														13,800				13,800
	Income Tax Payable														6,100		6,100				6,100
	Bonds Payable		80,000														80,000				80,000
	Capital Stock		50,000														50,000				50,000
	Paid-In Capital in Excess of Par		30,000														30,000				30,000
	Retained Earnings		92,400														92,400				92,400
	Cash Dividends	30,000														30,000				30,000
	Sales		405,100														405,100		405,100
	Interest Revenue		300												75		375		375
	Factory Overhead	78,630	89,300											3,300	3,100	92,400	92,400
														5,000
														4,000
														1,470
	Cost of Goods Sold	190,700													1,470	189,230		189,230
	Wages Expense	70,000														70,000		70,000
	Office Supplies Expense													2,900		2,900		2,900
	Bad Debt Expense													2,400		2,400		2,400
	Utilities Expense - Office	4,400														4,400		4,400
	Interest Expense	7,000												600		7,600		7,600
	Income Tax Expense	18,000												6,100		24,100		24,100
		776,430	776,430					Mark Sears: Enter as a formula	Mark Sears: Enter as a formula					28,945 Mark Sears: Enter as a formula	28,945 Mark Sears: Enter as a formula	797,705 Mark Sears: Enter as a formula	797,705 Mark Sears: Enter as a formula	300,630 Mark Sears: Enter as a formula	405,475 Mark Sears: Enter as a formula	404,675 Mark Sears: Enter as a formula	299,830 Mark Sears: Enter as a formula
	Net Income								Mark Sears: Enter as a formula	Mark Sears: Enter as a formula										104,845 Mark Sears: Enter as a formula			104,845 Mark Sears: Enter as a formula
									Mark Sears: Enter as a formula		Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula					Mark Sears: Enter as a formula				Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	405,475 Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	Mark Sears: Enter as a formula	405,475	404,675	404,675 Mark Sears: Enter as a formula
							Mark Sears: Enter amounts in this column as formulas where appropriate									Mark Sears: Enter amounts in this column as formulas where appropriate	Mark Sears: Enter as a formula				Mark Sears: Enter as a formula			Mark Sears: Enter as a formula

Statements

Problem 27-6A

Name:

Enter the appropriate numbers/formulas in the shaded (gray) cells.

An asterisk (*) will appear in the column to the right of an incorrect answer.

2. a.

Herrera Company

Income Statement

For Year Ended December 31, 20--

Net sales

$ 405,100

Less cost of goods sold:

Finished goods inventory, January 1

$ 18,000

Cost of goods manufactured

195,230

Cost of goods available for use

$ 213,230
Mark Sears: Enter as a formula

Finished goods inventory, December 31

24,000

Cost of goods sold

189,230
Mark Sears: Enter as a formula

Gross profit

$ 215,870
Mark Sears: Enter as a formula

Operating expenses:

Wages expense

$ 70,000

Office supplies expense

2,900

Bad debt expense

2,400

Utilities expense

4,400

Total operating expenses

79,700
Mark Sears: Enter as a formula

Operating income

$ 136,170
Mark Sears: Enter as a formula

Other revenue:

Interest revenue

375

$ 136,545
Mark Sears: Enter as a formula

Other expense:

Interest expense

7,600

Income before income taxes

$ 128,945
Mark Sears: Enter as a formula

Income tax

24,100

Net income

$ 104,845
Mark Sears: Enter as a formula

2. b.

Herrera Company

Schedule of Cost of Goods Manufactured

For Year Ended December 31, 20--

Work in process, January 1

$ 7,300

Direct materials

Materials inventory, January 1

$ 9,500

Materials purchases

51,500

Materials available for use

$ 61,000
Mark Sears: Enter as a formula

Materials inventory, December 31

8,500

Cost of materials used

52,500
Mark Sears: Enter as a formula

Less indirect materials charged to prod.

3,400

Cost of direct materials used

$ 49,100
Mark Sears: Enter as a formula

Direct labor

60,000

Factory overhead

90,930

Total manufacturing costs

200,030
Mark Sears: Enter as a formula

Total work in process during the period

$ 207,330
Mark Sears: Enter as a formula

Work in process, December 31

12,100
Mark Sears: Enter as a formula

Cost of goods manufactured

$ 195,230

2. c.

Herrera Company

Retained Earnings Statement

For Year Ended December 31, 20--

Retained earnings, Janaury 1

$ 92,400

Add net income for the year (after provision for income taxes)

104,845

$ 197,245
Mark Sears: Enter as a formula

Less cash dividends

30,000

Retained earnings, December 31

$ 167,245
Mark Sears: Enter as a formula

2. d.

Herrera Company

Balance Sheet

December 31, 20--

Assets

Current assets:

Cash

$ 30,300

Government notes

5,000

Interest receivable

Accounts receivable

$ 34,000

Less allowance for bad debts

2,930

31,070
Mark Sears: Enter as a formula

Inventories:

Finished goods

$ 24,000

Work in process

12,100

Materials

8,500

44,600
Mark Sears: Enter as a formula

Office supplies

200

Factory supplies

500

Total current assets

111,745
Mark Sears: Enter as a formula

Property, plant, and equipment:

Land

$ 100,000

Factory building

$ 120,000

Less accumulated depreciation

15,000

105,000
Mark Sears: Enter as a formula

Factory equipment

$ 40,000

Less accumulated depreciation

9,000

31,000
Mark Sears: Enter as a formula

Total property, plant, and equipment

236,000

Total assets

$ 347,745

Liabilities

Current liabilities:

Interest payable

$ 600

Accounts payable

13,800

Income tax payable

6,100

Total current liabilities

20,500
Mark Sears: Enter as a formula

Long-term liabilities:

Bonds payable

80,000

Total liabilities

$ 100,500

Stockholders' Equity

Capital stock

$ 50,000

Paid-in capital in excess of par

30,000

Retained earnings

167,245

Total stockholders' equity

247,245
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula

Total liabilities and stockholders' equity

Mark Sears: Enter as a formula

$ 347,745

Essay Question

Please go to Chapter 23, review the purpose of the Statement of Cash Flows and write a short answer essay of at least 150 words analyzing how the change in cash and cash equivalents determine the effectiveness of cash flow management.

Grading Rubric

Week 7 Grading Rubric
	Point Available	Points Earned
E27-2A Total	10 points
P27-6A Total	25 points
*requirement 1	5 points
*requirement 2a	5 points
*requirement 2b	5 points
*requirement 2c	5 points
*requirement 2d	5 points
Essay Question	5 points
Total Score		0
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