Problem 15-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4

[The following information applies to the questions displayed below.] Bergamo Bay's computer system generated the following trial balance on December 31, 2017. The companys manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Payroll Payable) has not been recorded.

		Debit			Credit
Cash	$	71,000
Accounts receivable		47,000
Raw materials inventory		28,500
Work in process inventory		0
Finished goods inventory		6,000
Prepaid rent		2,000
Accounts payable				$	9,200
Notes payable					12,200
Common stock					20,000
Retained earnings					88,000
Sales					211,100
Cost of goods sold		110,000
Factory overhead		29,000
Operating expenses		47,000
Totals	$	340,500		$	340,500

After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date.

Materials requisition 21-3010:		$	4,700	direct materials to Job 402
Materials requisition 21-3011:		$	7,300	direct materials to Job 404
Materials requisition 21-3012:		$	2,500	indirect materials
Labor time ticket 6052:		$	5,000	direct labor to Job 402
Labor time ticket 6053:		$	9,000	direct labor to Job 404
Labor time ticket 6054:		$	4,000	indirect labor

Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 100% of direct labor cost.

Part 4 of 4 Income Statement Balance Sheet Prepare a balance sheet as of December 31, 2017. 2.24 points $ 71,000 47,000 BERGAMO BAY COMPANY Balance Sheet December 31, 2017 Assets Cash Accounts receivable Inventories Raw materials inventory 14,000 Work in process inventory 40,000 Finished goods inventory Prepaid rent Total assets Liabilities and equity Accounts payable Factory wages payable Notes payable Total liabilities Common stock Retained earnings 54,000 2,000 174,000 9,200 18,000 12,200 39,400 20,000 120,600 Total stockholders' equity Total liabilities and equity 140,600 180,000 $