Additional Information: For this project, round to the nearest whole dollar. The income tax rate is 35%.
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Additional Information:
- For this project, round to the nearest whole dollar.
- The income tax rate is 35%.
- The company uses actual costing
Create a Classified Balance Sheet for December 31st.
Transcribed Image Text:
The Rogue River Manufacturing Company The following information was taken from the year-end Adjusted Trial Balance of the Rogue River Manufacturing Company: Manufacturing Accounts: Materials Inventory – Resin A, January 1 Materials Inventory – Resin A, December 31 Materials Inventory - Hardener Q, January 1 Materials Inventory – Hardener Q, December 31 Work in Process Inventory, January 1 Work in Process Inventory, December 31 Materials Purchased Cost- Resin A Materials Purchased Cost – Hardener Q Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost - Dept. B Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost $2,712 3,528 8,000 10,526 20,000 50,000 42,110 178,900 120,317 98,974 900,000 298,222 15,233 40,015 168,213 52,300 10,111 360,000 18,000 60,000 Non-manufacturing Accounts: Notes Payable - Short-term Retained Earnings - January 1 Finished Goods Inventory, January 1 Cash $90,092 658,848 38,555 209,000 46,800 12,200 34,422 327,000 120,000 Finished Goods Inventory, December 31 Interest Expense (General & Admin.) Accounts Payable Marketing, Delivery Expense Marketing, Advertising Expense Plant and Equipment Income Tax Payable Accumulated Depreciation Administrative Expense Accounts Receivable 4,081,000 From Income Statement 900,000 300,000 309,500 3,757,000 Sales Revenue Dividends Declared Common Stock 300,000 2,650000 The Rogue River Manufacturing Company The following information was taken from the year-end Adjusted Trial Balance of the Rogue River Manufacturing Company: Manufacturing Accounts: Materials Inventory – Resin A, January 1 Materials Inventory – Resin A, December 31 Materials Inventory - Hardener Q, January 1 Materials Inventory – Hardener Q, December 31 Work in Process Inventory, January 1 Work in Process Inventory, December 31 Materials Purchased Cost- Resin A Materials Purchased Cost – Hardener Q Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost - Dept. B Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost $2,712 3,528 8,000 10,526 20,000 50,000 42,110 178,900 120,317 98,974 900,000 298,222 15,233 40,015 168,213 52,300 10,111 360,000 18,000 60,000 Non-manufacturing Accounts: Notes Payable - Short-term Retained Earnings - January 1 Finished Goods Inventory, January 1 Cash $90,092 658,848 38,555 209,000 46,800 12,200 34,422 327,000 120,000 Finished Goods Inventory, December 31 Interest Expense (General & Admin.) Accounts Payable Marketing, Delivery Expense Marketing, Advertising Expense Plant and Equipment Income Tax Payable Accumulated Depreciation Administrative Expense Accounts Receivable 4,081,000 From Income Statement 900,000 300,000 309,500 3,757,000 Sales Revenue Dividends Declared Common Stock 300,000 2,650000
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Answer Balancesheet Particulars Amount Amount Assets Inventory Material Inventory Resin A 3528 Mater... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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