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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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