Question: Solve the given problem based on the following information. Jordan Revenues and Expenses (as of December 31, 2016) Advertising expenses $25,875 DepreciationOffice equipment $6,525 DepreciationSales

Solve the given problem based on the following information.

Jordan Revenues and Expenses (as of December 31, 2016)
Advertising expenses $25,875
DepreciationOffice equipment $6,525
DepreciationSales equipment $7,740
DepreciationFacility equipment $30,195
Facility supervision $92,340
Facility supplies $6,615
Facility utilities $29,700
Inventories Raw material as of December 31, 2017 $150,165
Raw material as of December 31, 2016 $163,800
Work in progress (WIP) as of December 31, 2017 $14,130
Work in progress (WIP) as of December 31, 2016 $17,442
Finished goods as of December 31, 2017 $150,615
Finished goods as of December 31, 2016 $122,841
Direct labor $607,932
Income tax $210,353
Indirect labor $51,188
Miscellaneous production costs $7,583
Office salaries expense $56,700
Raw material purchases $832,500
RentOffice space $19,800
RentSelling space $23,490
RentFactory building $69,120
MaintenanceFacility equipment $31,860
Sales $4,072,500
Sales discounts $56,250
Sales salaries expense $353,304

Complete the table given below to prepare the company's 2016 manufacturing statement.

Jordan Manufacturing Statement (for the year ended December 31, 2016)
Direct materials

Raw materials inventory, December 31, 2017

Raw materials purchases

Raw materials available for use

Less raw materials inventory, December 31, 2016

Direct materials used

Direct labor
Factory overhead

Depreciation expenseFactory equipment

Factory supervision

Factory supplies used

Factory utilities

Indirect labor

Miscellaneous production costs

Rent expenseFactory building

Maintenance expenseFactory equipment

Total factory overhead costs

Total manufacturing costs
Work in progress inventory, December 31, 2017
Total cost of goods in process
Less work in progress inventory, December 31, 2016
Cost of goods manufactured

Complete the table below to prepare the company's 2016 income statement.

Jordan Income Statement (for the year ended December 31, 2016)
Sales
Less sales discounts
Net sales
Cost of goods sold:

Finished goods inventory, December 31, 2017

Cost of goods manufactured

Goods available for sale

Less finished goods inventory, December 31, 2016

Cost of goods sold

Gross profit from sales
Operating expenses:

Selling expenses:

Advertising expense

Depreciation expenseSales equipment

Rent expenseSelling space

Sales salaries expense

Total selling expenses

General and administrative expenses:

Depreciation expenseOffice equipment

Office salaries expense

Rent expenseOffice space

Total general and administrative expenses

Total operating expenses

Income before state and federal taxes
Income taxes expense
Net income

Thanks so much!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!