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Consider the following account balances (in thousands) for the Shaker Corporation In the Dec 31.2021 Cash $200,000 and Capital $2,000,000 and Retained earnings $1,500,000
Consider the following account balances (in thousands) for the Shaker Corporation In the Dec 31.2021 Cash $200,000 and Capital $2,000,000 and Retained earnings $1,500,000 The balances of raw materials, work in process, and finished goods at the beginning of 2021 were as follows: Raw materials inventory 130,000 Work-in-process inventory 140,000 Finished goods inventory 250,000 The shaker manufacturing company recorded the following transactions during 2021: a. Purchase land $70,000 and Factory supplies $90,000 for cash. b. Building $400,000 for cash. c. Purchase Machines $600,000 for Account. d. sales revenue $1,600,000 and sales allowance $150,000. e. Purchases $500,000. f. Purchases returns allowance discount $30,000. g. Freight in $40,000. h. Utility expense factory $20,000. i. j- Maintenance (40% Factory) $15,000. Insurance, Depreciation, salaries, rent (50% Factory) $700,000. k. Freight out, commission, advertising $75,000. I. Labor expenses $340,000. Note: end inventories after evaluation at Dec 31.2021: Raw materials $100,000, Work-in-process $190,000, Finished Goods $300,000 The company uses a periodic inventory system 1- Prepare an Adjusted trial balance (periodic). Income summary (periodic). Closing entries (Income summary) periodic, Manufacturing summary (periodic). 2- After closing Adjust trial balance (periodic)
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Based on the image you sentthe following is the adjusted trial balance for The Shaker Manufacturing Company Account Debit Credit Cash 1130000 Land 70000 Factory supplies 90000 Building 400000 Machines ...Get Instant Access to Expert-Tailored Solutions
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