Superior Company has the following cost and expense data for the year ending December 31, 2014.

Instructions

(a) Prepare a cost of goods manufactured schedule for Superior Company for 2014.

(b) Prepare an income statement for Superior Company for 2014.

(c) Assume that Superior Company’s accounting records 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, 2014.

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