4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $99,000 at the end of the current year. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Prepare an income statement. BERGO BAY COMPANY Income Statement For Year Ended December 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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[The following information applies to the questions displayed below]
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager
knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory.
and the accrued factory payroll (Factory Wages Payable) has not been recorded.
Credit
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Finished goods inventory.
Prepaid rent
Accounts payable
Notes payable
Common stock
Retained earnings (prior year)
Sales
Cost of goods sold
Factory overhead
General and administrative expenses
Totals
Income
Statement
Balance Sheet
These six documents must be processed to bring the accounting records up to date.
$4,600 direct materials to Job 402
Materials requisition 10:
Materials requisition 11:
Materials requisition 12:
Labor time ticket 52:
$ 7,400 direct materials to Job 404
$ 2,200 indirect materials
Labor time ticket 53:
Labor time ticket 54:
Prepare an income statement.
$ 6,000 direct labor to Job 482
$ 14,000 direct labor to Job 404
$5,000 indirect labor
Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost.
BERGO BAY COMPANY
Income Statement
For Year Ended December 31
4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $99,000 at the end of
the current year.
Complete this question by entering your answers in the tabs below.
Total assets
Debit
$ 67,000
36,000
23,000
e
Total liabilities
Balance Sheet
12,000
4,000
111,000
26,000
37,000
$ 316,000
Income
Statement
Prepare a balance sheet as of December 31.
Total equity
Total liabilities and equity
Income Statement
Complete this question by entering your answers in the tabs below.
Inventories
$ 11,400
14,400
Liabilities
40,000
76,000
174,200
BERGO BAY COMPANY
Balance Sheet
As at December 31
Assets
Equity
$ 316,000
Balance Sheet >
< Income Statement
Balance Sheet >
Transcribed Image Text:Required information [The following information applies to the questions displayed below] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory. Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Income Statement Balance Sheet These six documents must be processed to bring the accounting records up to date. $4,600 direct materials to Job 402 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $ 7,400 direct materials to Job 404 $ 2,200 indirect materials Labor time ticket 53: Labor time ticket 54: Prepare an income statement. $ 6,000 direct labor to Job 482 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. BERGO BAY COMPANY Income Statement For Year Ended December 31 4. Prepare an income statement for the year and a balance sheet as of December 31. Hint: Retained earnings is $99,000 at the end of the current year. Complete this question by entering your answers in the tabs below. Total assets Debit $ 67,000 36,000 23,000 e Total liabilities Balance Sheet 12,000 4,000 111,000 26,000 37,000 $ 316,000 Income Statement Prepare a balance sheet as of December 31. Total equity Total liabilities and equity Income Statement Complete this question by entering your answers in the tabs below. Inventories $ 11,400 14,400 Liabilities 40,000 76,000 174,200 BERGO BAY COMPANY Balance Sheet As at December 31 Assets Equity $ 316,000 Balance Sheet > < Income Statement Balance Sheet >
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