Lundberg Company had the following trial balance columns on its spreadsheet: The trial balance of Lundberg Company is shown in its spreadsheet. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory $3,100 (b) Estimate of this year's sales that will be returned next year 590 (c) Cost of goods expected to be returned 260 (d) Interest receivable 80 (e) Interest payable 620 (f) Estimate of uncollectible accounts, based on an aging of accounts receivable 2,400 (g) Office supplies consumed 2,900 (h) Factory supplies consumed 3,300 (i) Factory building depreciation 5,000 (j) Factory equipment depreciation 4,000 (k) Overapplied factory overhead 1,470 (l) Provision for corporate income taxes 6,100 (m) 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 $19,000 Work in process, January 1 7,200 Materials inventory, January 1 9,500 Materials purchases for the year 51,410 Direct labor 60,000 Actual factory overhead 90,920 Indirect materials charged to production 3,300 Required: 1. Prepare a 6-column spreadsheet. Enter factory overhead and cost of goods sold amounts in the order presented. Lundberg Company End-of-Period Spreadsheet For Year Ended December 31, 20-- Account Title Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 30,300.00 Government Notes 5,000.00 Interest Receivable Accounts Receivable 34,000.00 Allow. for Doubtful Accounts 540.00 Finished Goods Inventory 24,000.00 Work in Process Inventory 10,000.00 Materials Inventory 8,500.00 Estimated Returns Inventory 60.00 Office Supplies 3,100.00 Factory Supplies 3,800.00 Land 100,000.00 Factory Building 120,000.00 Accum. Depr.-Factory Build. 10,000.00 Factory Equipment 40,000.00 Accum. Depr.-Factory Equip. 5,000.00 Accounts Payable 13,800.00 Customer Refunds Payable 110.00 Income Tax Payable Interest Payable Bonds Payable 80,000.00 Capital Stock 50,000.00 Paid-In Capital in Excess of Par 30,000.00 Retained Earnings 93,800.00 Cash Dividends 30,000.00 Sales 410,740.00 Sales Returns and Allowances 6,100.00 Interest Revenue 200.00 Factory Overhead 78,630.00 89,300.00 Cost of Goods Sold 190,600.00 Wages Expense 70,000.00 Office Supplies Expense Bad Debt Expense Utilities Expense-Office 4,400.00 Interest Expense 7,000.00 Income Tax Expense 18,000.00 783,490.00 783,490.00

Lundberg Company had the following trial balance columns on its spreadsheet: The trial balance of Lundberg Company is shown in its spreadsheet. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory $3,100 (b) Estimate of this year's sales that will be returned next year 590 (c) Cost of goods expected to be returned 260 (d) Interest receivable 80 (e) Interest payable 620 (f) Estimate of uncollectible accounts, based on an aging of accounts receivable 2,400 (g) Office supplies consumed 2,900 (h) Factory supplies consumed 3,300 (i) Factory building depreciation 5,000 (j) Factory equipment depreciation 4,000 (k) Overapplied factory overhead 1,470 (l) Provision for corporate income taxes 6,100 (m) 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 $19,000 Work in process, January 1 7,200 Materials inventory, January 1 9,500 Materials purchases for the year 51,410 Direct labor 60,000 Actual factory overhead 90,920 Indirect materials charged to production 3,300 Required: 1. Prepare a 6-column spreadsheet. Enter factory overhead and cost of goods sold amounts in the order presented. Lundberg Company End-of-Period Spreadsheet For Year Ended December 31, 20-- Account Title Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 30,300.00 Government Notes 5,000.00 Interest Receivable Accounts Receivable 34,000.00 Allow. for Doubtful Accounts 540.00 Finished Goods Inventory 24,000.00 Work in Process Inventory 10,000.00 Materials Inventory 8,500.00 Estimated Returns Inventory 60.00 Office Supplies 3,100.00 Factory Supplies 3,800.00 Land 100,000.00 Factory Building 120,000.00 Accum. Depr.-Factory Build. 10,000.00 Factory Equipment 40,000.00 Accum. Depr.-Factory Equip. 5,000.00 Accounts Payable 13,800.00 Customer Refunds Payable 110.00 Income Tax Payable Interest Payable Bonds Payable 80,000.00 Capital Stock 50,000.00 Paid-In Capital in Excess of Par 30,000.00 Retained Earnings 93,800.00 Cash Dividends 30,000.00 Sales 410,740.00 Sales Returns and Allowances 6,100.00 Interest Revenue 200.00 Factory Overhead 78,630.00 89,300.00 Cost of Goods Sold 190,600.00 Wages Expense 70,000.00 Office Supplies Expense Bad Debt Expense Utilities Expense-Office 4,400.00 Interest Expense 7,000.00 Income Tax Expense 18,000.00 783,490.00 783,490.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Spreadsheet

Lundberg Company had the following trial balance columns on its spreadsheet:

The trial balance of Lundberg Company is shown in its spreadsheet.

Data for adjusting the accounts are as follows:

(a)	Factory overhead to be applied to work in process ending inventory	$3,100
(b)	Estimate of this year's sales that will be returned next year	590
(c)	Cost of goods expected to be returned	260
(d)	Interest receivable	80
(e)	Interest payable	620
(f)	Estimate of uncollectible accounts, based on an aging of accounts receivable	2,400
(g)	Office supplies consumed	2,900
(h)	Factory supplies consumed	3,300
(i)	Factory building depreciation	5,000
(j)	Factory equipment depreciation	4,000
(k)	Overapplied factory overhead	1,470
(l)	Provision for corporate income taxes	6,100
(m)	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	$19,000
Work in process, January 1	7,200
Materials inventory, January 1	9,500
Materials purchases for the year	51,410
Direct labor	60,000
Actual factory overhead	90,920
Indirect materials charged to production	3,300

Required:

1. Prepare a 6-column spreadsheet.

Enter factory overhead and cost of goods sold amounts in the order presented.

Lundberg Company End-of-Period Spreadsheet For Year Ended December 31, 20--
Account Title	Trial Balance	Adjustments	Adjusted Trial Balance
Debit	Credit	Debit	Credit	Debit	Credit
Cash	30,300.00
Government Notes	5,000.00
Interest Receivable
Accounts Receivable	34,000.00
Allow. for Doubtful Accounts		540.00
Finished Goods Inventory	24,000.00
Work in Process Inventory	10,000.00
Materials Inventory	8,500.00
Estimated Returns Inventory	60.00
Office Supplies	3,100.00
Factory Supplies	3,800.00
Land	100,000.00
Factory Building	120,000.00
Accum. Depr.-Factory Build.		10,000.00
Factory Equipment	40,000.00
Accum. Depr.-Factory Equip.		5,000.00
Accounts Payable		13,800.00
Customer Refunds Payable		110.00
Income Tax Payable
Interest Payable
Bonds Payable		80,000.00
Capital Stock		50,000.00
Paid-In Capital in Excess of Par		30,000.00
Retained Earnings		93,800.00
Cash Dividends	30,000.00
Sales		410,740.00
Sales Returns and Allowances	6,100.00
Interest Revenue		200.00
Factory Overhead	78,630.00	89,300.00



Cost of Goods Sold	190,600.00

Wages Expense	70,000.00
Office Supplies Expense
Bad Debt Expense
Utilities Expense-Office	4,400.00
Interest Expense	7,000.00
Income Tax Expense	18,000.00
	783,490.00	783,490.00

Net Income

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