WORK SHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Company's trial balance columns from its work sheet are shown on the next page. Data for adjusting the accounts are as follows:

(a) Factory overhead to be applied to work in process ending inventory ..$ 4,300

(b) Interest receivable ........................100

(c) Interest payable .........................700

(d) Estimate of uncollectible accounts, based on an aging

of accounts receivable .......................4,110

(e) Office supplies consumed .....................3,200

(f) Factory supplies consumed ...................6,700

(g) Factory building depreciation ...................10,000

(h) Factory equipment depreciation .................6,000

(i) Underapplied factory overhead ..................7,690

(j) Provision for corporate income taxes ...............8,100

(k) Physical counts of the inventories agreed with the amounts in the books.

Additional information needed to prepare the financial statements is as follows:

Beginning inventories:

Finished goods, January 1 .....$ 22,300

Work in process, January 1.......12,400

Materials inventory, January 1 .....7,900

Materials purchases for the year ...18,700

Direct labor ...........90,300

Actual factory overhead .......104,290

Assume that all materials inventory items are direct materials

REQUIRED

1. Prepare a work sheet.

2. Prepare the following financial statements and schedule:

(a) income statement

(b) schedule of cost of goods manufactured

(c) retained earnings statement

(d) balancesheet

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Woods Company Trial Balance December 31, 20 -- ACCOANTnnE Cen M ANCE CIEDN BALANCI 28 4 00 00 6000 00 Cash Government Notes Interest Receivable 32 8 00 00 Accounts Receivable Allowance for Bad Debts 6 10 00 26 10 0 00 10 200 00 93 00 00 4200 00 86 0 0 00 80 0 00 00 160 0 00 00 30 60 0 00 00 Fnished Goods Inventory Work in Process Imventory Materials Inventory Office Supplies Factory Supplies Land Factory Building Acaumulated Depreciation-Factory Buikling 000 00 Factory Equipment 20 00 0 00 Acaumulated Depreciation-Factory Equipment Interest Payable 16 000 00 Accounts Payable Income Tax Payable Bonds Payable 100 0 00 00 60 000 00 20 000 00 111 4 0 0 00 Capital Stock Paid-In Capital in Excess of Par Retained Eamings 40 00 0 00 Cash Dividends 410|기010| 00 500 00 Sales Interest Revenue 81 5 90 Factory Overhead 00 92 30 0 00 198 30 0 00 Cost of Goods Sold 78 7 00 00 Wages Expense Office Supplies Expense Bad Debt Expense 4900 00 9000 00 23 4 20 00 Utilities Expense-Office Interest Expense Incorme Tax Expense 861 51000 861 510 00