!Required information[The following information applies to the questions displayed below.]Use the following selected account balances of Delray Manufacturing for the year ended December 31.$ 2,850,000118,000153,000199,000543,000652,00098,00078,000156,000250,000400,000142,000SalesRaw materials inventory, beginningWork in process inventory, beginningFinished goods inventory, beginningRaw materials purchasesDirect laborIndirect laborRepairs-Factory equipmentRent cost of factory buildingSelling expensesGeneral and administrative expensesRaw materials inventory, endingWork in process inventory, endingFinished goods inventory, endingPrepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000.SalesCost of goods sold:Finished goods inventory, beginningCost of goods manufacturedDELRAY MANUFACTURINGIncome StatementFor Year Ended December 31Goods available for saleLess: Finished goods inventory, endingCost of goods soldGross profitSelling expensesGeneral and administrative expensesNet income184,000239,000$ 199,000199,000$ 2,850,000199,0002,651,000$ 2,651,000

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Description: !Required information[The following information applies to the questions displayed below.]Use the following selected account balances of Delray Manufacturing for the year ended December 31.$ 2,850,000118,000153,000199,000543,000652,00098,00078,00015

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The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses

The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses

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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[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 17,800 Work in process inventory, beginning 16,800 21,300 Raw materials inventory, beginning 9,600 12,300 Rental cost on factory equipment 29,250 26,200 Direct labor 24,400 38,200 Finished goods inventory, ending 21,050 13,800 Work in process inventory, ending 22,900 20,200 Raw materials inventory, ending 6,300 7,600 Factory utilities 12,150 17,000 General and administrative expenses 28,000 50,000 Indirect labor 14,200 13,120 Repairs—Factory equipment 5,300 2,250 Raw materials purchases 44,500 64,500 Selling expenses 53,600 53,200 Sales 297,090 381,210 Cash 34,000 24,200 Accounts receivable, net 14,000 20,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for…
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