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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Spreadsheet
Lundberg Company had the following
The trial balance of Lundberg Company is shown in its spreadsheet.
Data for adjusting the accounts are as follows:
(a) | Factory |
$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 |
2,400 |
(g) | Office supplies consumed | 2,900 |
(h) | Factory supplies consumed | 3,300 |
(i) | Factory building |
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 | |||||||
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 | ||||||||
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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