Ch 22 (2)

Data Table XAbbreviations A/D A/P A/R Cash recpts COGS CS Depr Equip FG Inv Mfg. OH Pmts on acct. Purch. equip Purch. RM RE RM Inv RM used S and A Sales on acct. Accumulated Depreciation Accounts Payable Accounts Receivable Cash receipts from customers Cost of Goods Sold Common Stock Depreciation on manufacturing equipment Equipment Finished Goods Inventory Manufacturing Overhead Payments on account Purchase of equipment Purchase of raw materials on account Retained Earnings Raw Materials Inventory Raw materials used Selling and Administrative Sales on account Harari, Inc Balance Sheet December 31, 2018 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 2,300 700 900 1,750 5,650 Property, Plant, and Equipment Equipment 8,000 (2,300) Less: Accumulated Depreciation 5,700 11,350 Total Assets Liabilities Current Liabilities PrintDone Accounts Payable $1,700 Stockholders' Equity More Info 5,500 4,150 Common Stock, no par Retained Earnings 9,650 Total Stockholders' Equity Sales on account, $25,000 Cash receipts from customers from sales on account, $23,400 Purchase of raw materials on account, $9,000 Payments on account, $6,500 Total cost of completed products, S15,100, which includes the following $11,350 Total Liabilities and Stockholders' Equity PrintDone Raw materials used, $7,400 Direct labor costs incurred and paid, $3,600 Manufacturing overhead costs incurred and paid, $3,700 Depreciation on manufacturing equipment, $400 Cost of goods sold, $16,300 Selling and administrative costs incurred and paid, $1,000 Purchase of equipment, paid in 2019, $2,200