Use the following information in Onifade Manufacturing Organization. Dividend $150,000 Transportation OUT $70,000 Transportation In for materials
Question:
- Use the following information in Onifade Manufacturing Organization.
Dividend $150,000
Transportation OUT $70,000
Transportation In for materials purchased $90,000
Work in process Jan 1, 2016 $400,000
Inventory of Materials, December 31, 2016 $150,000
Direct Labor $200,000
Inventory of Materials, January 1, 2016 $300,000
Finished goods, December 31, 2016 $150,000
Factory Payroll to other employees in the factory $200,000
Depreciation - Factory Machinery $100,000
Depreciation—Office building $250,000
Work in process, December 31, 2016 $200,000
Finished Goods, January 1, 2016 $300,000
Direct Materials purchased $800,000
Sales Returns and Allowances $50,000
Purchases Discount on materials purchased $15,000
Sales Commission $30,000
Purchases Returns and Allowances on Materials $25,000
Sales Discount $60,000
Sales $5,000,000
Administrative Office Salaries $120,000
Advertising expense $60,000
Bad Debt Expense $15,000
Income Tax expense $45,000
Factory supplies $70,000
Administrative Office Supplies $120,000
Maintenance—Office Equipment $75,000
Maintenance - Factory Machinery $90,000
Utilities Expense—Office Building $110,000
Utilities Expense—Factory Building $130,000
Interest Revenue $60,000
Gain on Sale of Stock $120,000
Loss on Sale of Furniture $30,000
Interest Expense $20,000
Required
Prepare a manufacturing statement, a multiple step Income Statement and a Retained Earnings Statement, assuming the Retained earnings balance on January 1, 2016 was $3,000,000.
Expert Answer:
Survey of Accounting
ISBN: 978-0077862374
4th edition
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
