Solution-Prepare the current assets section of the balance

Prepare the current assets section of the balance sheet

Assignment Help Cost Accounting

Reference no: EM13513401

Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2012.

Raw materials, 1/1/12	$ 30,000	Insurance, factory	$ 14,000
Raw materials, 12/31/12	20,000	Property taxes, factory building	6,000
Raw materials purchases	205,000	Sales (net)	1,500,000
Indirect materials	15,000	Delivery expenses	100,000
Work in process, 1/1/12	80,000	Sales commissions	150,000
Work in process, 12/31/12	50,000	Indirect labor	90,000
Finished goods, 1/1/12	110,000	Factory machinery rent	40,000
Finished goods, 12/31/12	120,000	Factory utilities	65,000
Direct labor	350,000	Depreciation, factory building	24,000
Factory manager's salary	35,000	Administrative expenses	300,000

Instructions

(a)Prepare a cost of goods manufactured schedule for Superior Company for 2012.

(b) Prepare an income statement for Superior Company for 2012.

(c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Short-term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2012.

Reference no: EM13513401

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Prepare the current assets section of the balance sheet

Reference no: EM13513401

Reference no: EM13513401

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