Box Company makes shipping containers. The Trial Balance section of its worksheet and other year-end data follow. INSTRUCTIONS 1. Prepare a 12-column manufacturing worksheet for the fiscal year ended December 31, 2016. Enter the trial balance in the first two columns. 2. Using the data given, enter the adjustments and complete the worksheet. Label all inventory adjustments as (a). 3. Prepare a statement of cost of goods manufactured. 4. Prepare an income statement. 5. Prepare a statement of retained earnings. Additional data follows: a. Balance of Retained Earnings, January 1, was $185,000. b. Dividends declared and paid on common stock during the year were $10,000. 6. Prepare a balance sheet as of December 31, 2016. Common Stock, $1 par, was authorized for 100,000 shares and 50,000 shares were outstanding. 7. Record the adjusting entries shown on the worksheet in general journal form. For each journal entry, use the letter that identifies the adjustment on the worksheet. Make a separate entry for each inventory adjustment. Do not give explanations. 8. Prepare the closing entries for all accounts involved in the cost of goods manufactured. 9. Prepare the closing entries for all revenue and expense accounts and the Manufacturing Summary account. 10. Prepare the closing entry to close the Income Summary account. 11. Journalize the reversing entries. Date the entries January 1, 2017. YEAR-END DATA a. Ending inventories: finished goods, $25,000;
The reference papers provided by Writerbay.net serve as model papers for students and are not to be submitted as it is. These papers are intended to be used for research and reference purposes only.
Phone: +1 (940) 905 5542