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Make a detail notes and financial statements for the year

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Reference no: EM132632315

Question - NOW Enterprises provided the following:

Sales 7,500,000.00

Inventories - January 1:

Raw Materials 200,000.00

Goods in Process 240,000.00

Finished Goods 360,000.00

Inventories - December 31

Raw materials 280,000.00

Goods in process 170,000.00

Finished goods 300,000.00

Purchases 3,000,000.00

Direct labor 950,000.00

Indirect labor 250,000.00

Superintendence 210,000.00

Light, heat and power 320,000.00

Rent - factory building 120,000.00

Repair and maintenance - machinery 50,000.00

Factory supplies used 110,000.00

Sales salaries 400,000.00

Advertising 160,000.00

Depreciation - store equipment 70,000.00

Office salaries 150,000.00

Depreciation - office equipment 40,000.00

Depreciation - machinery 60,000.00

Sales returns and allowances 50,000.00

Interest income 10,000.00

Gain on sale of equipment 100,000.00

Delivery expenses 200,000.00

Accounting and legal fees 150,000.00

Office expenses 250,000.00

Earthquake loss 300,000.00

Gain from expropriation of asset 100,000.00

Income tax expense 320,000.00

Required - Make a detail NOTES and financial statements for the year ended December 31, 2019.

Reference no: EM132632315

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