The Income Statement and Balance Sheet columns of Braiden Company s
The Income Statement and Balance Sheet columns of Braiden Company’s work sheet are shown below.
Braiden Company
Work Sheet (Partial)
For Year Ended December 31, 20 –


Additional information needed to prepare the financial statements is as follows:
Materials inventory, January 1 .......... $ 4,140
Work in process inventory, January 1 ........ 5,730
Finished goods inventory, January 1 ......... 16,825
Materials purchases .............. 136,665
Direct labor .................. 76,000
Actual factory overhead ............. 92,500
Indirect materials charged to production ........ 5,400

Required
1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.
2. Prepare a statement of retained earnings for the year ended December 31, 20--.
3. Prepare a balance sheet as of December 31,20--.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help