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acct 212 homework 3 chapter 18Exercise 18-7 Balance sheet identification and preparation L.O. C4
[The following information applies to
the questions displayed below.]

Current
assets for two different companies at calendar year-end 2011 are listed here.
One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a
grocery distribution company.

Account

Company 1

Company 2

Cash

$

9,000

$

7,000

Raw
materials inventory

46,750

Merchandise
inventory

49,750

Goods
in process inventory

34,000

Finished
goods inventory

54,000

Accounts
receivable, net

59,000

81,000

Prepaid
expenses

2,500

500

Section Break

Difficulty: Hard

Exercise 18-7 Balance sheet identification and preparation L.O. C4

Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ.

1.
award:
1 out of
1.00 point

Exercise 18-7 Part 1.1

(1.1)

Identify
which set of numbers relates to the manufacturer.

Company 1

Company 2

Company
2, Roller Blades Mfg., is a manufacturing company with 3 inventory categories
(raw materials, goods in process, and finished goods).

eBook LinkView Hint #1

Multiple Choice

Difficulty: Hard

Exercise 18-7 Part 1.1

Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ.

2.
award:
1 out of
1.00 point

Exercise 18-7 Part 1.2

(1.2)

Identify
which set of numbers relates to the merchandiser.

Company 1

Company 2

Company
1, Sunny Foods, is a merchandising firm with only one inventory item,
merchandise inventory.

eBook LinkView Hint #1

Multiple Choice

Difficulty: Hard

Exercise 18-7 Part 1.2

Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ.

3.
award:
2 out of
2.00 points

Exercise 18-7 Part 2

(2)

Prepare
the current asset section for each company from this information. (Be sure to list the current assets in order of liquidity.
Omit the “$” sign in your response.)

Company 1
Sunny Foods
Current Asset Section
December 31, 2011

Cash

$ 9,000

Accounts
receivable, net

59,000

Merchandise
inventory

49,750

Prepaid
expenses

2,500

Total
current assets

$ 120,250

Company 2
Roller Blades Mfg.
Current Asset Section
December 31, 2011

Cash

$ 7,000

Accounts
receivable, net

81,000

Raw
materials inventory

Goods
in process inventory

Finished
goods inventory

Prepaid
expenses

500

Total
current assets

$ 223,250

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-7 Part 2

Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ.

4.
award:
2 out of
2.00 points

Exercise 18-8 Cost of goods sold computation L.O. P1

Century
Merchandising

New Homes
Manufacturing

Beginning
inventory

Merchandise

$

263,000

Finished
goods

$

526,000

Cost
of purchases

500,000

Cost
of goods manufactured

930,000

Ending
inventory

Merchandise

163,000

Finished
goods

157,000

Compute
cost of goods sold for each of these two companies for the year ended
December 31, 2011. (Omit the “$”
sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 18-8 Cost of goods sold computation L.O. P1

Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.

7.
award:
3 out of
3.00 points

Exercise 18-11 Manufacturing statement preparation L.O. P2

Given the following selected account balances
of Randa Company.

Sales

$

1,459,000

Raw
materials inventory, Dec. 31, 2010

42,000

Goods
in process inventory, Dec. 31, 2010

56,300

Finished
goods inventory, Dec. 31, 2010

61,100

Raw
materials purchases

175,700

Direct
labor

246,000

Factory
computer supplies used

24,700

Indirect
labor

55,000

RepairsFactory
equipment

7,250

Rent
cost of factory building

50,000

Advertising
expense

81,000

General
and administrative expenses

140,000

Raw
materials inventory, Dec. 31, 2011

49,900

Goods
in process inventory, Dec. 31, 2011

40,000

Finished
goods inventory, Dec. 31, 2011

65,300

Prepare
its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.)

Exercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2
[The following information applies to
the questions displayed below.]

Using
the following data,

Canyon
Company

Rossings
Company

Beginning
finished goods inventory

$

12,000

$

14,500

Beginning
goods in process inventory

16,500

19,500

Beginning
raw materials inventory

13,500

10,000

Rental
cost on factory equipment

29,000

23,000

Direct
labor

22,000

42,000

Ending
finished goods inventory

21,500

12,500

Ending
goods in process inventory

27,000

21,000

Ending
raw materials inventory

7,700

17,200

Factory
utilities

10,000

10,000

Factory
supplies used

10,000

9,100

General
and administrative expenses

18,000

55,000

Indirect
labor

3,250

9,660

RepairsFactory
equipment

6,780

3,500

Raw
materials purchases

34,000

41,000

Sales
salaries

57,000

47,000

Section Break

Exercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

5.
award:
2 out of
2.00 points

Exercise 18-9 Part 1

1.

Compute the cost of goods manufactured for both
Canyon Company and Rossings Company. (Omit
the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

Exercise 18-9 Part 1

Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.

6.
award:
0 out of
2.00 points

Exercise 18-9 Part 2

2.

Compute cost of goods sold for both Canyon
Company and Rossings Company. (Omit the
“$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

Exercise 18-9 Part 2

Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.

Section Break

Exercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

1.

Exercise 18-9 Part 2

2.

7.
award:
3 out of
3.00 points

Exercise 18-11 Manufacturing statement preparation L.O. P2

Given
the following selected account balances of Randa Company.

Sales

$

1,459,000

Raw
materials inventory, Dec. 31, 2010

42,000

Goods
in process inventory, Dec. 31, 2010

56,300

Finished
goods inventory, Dec. 31, 2010

61,100

Raw
materials purchases

175,700

Direct
labor

246,000

Factory
computer supplies used

24,700

Indirect
labor

55,000

RepairsFactory
equipment

7,250

Rent
cost of factory building

50,000

Advertising
expense

81,000

General
and administrative expenses

140,000

Raw
materials inventory, Dec. 31, 2011

49,900

Goods
in process inventory, Dec. 31, 2011

40,000

Finished
goods inventory, Dec. 31, 2011

65,300

Prepare
its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-11 Manufacturing statement preparation L.O. P2

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

8.
award:
2 out of
2.00 points

Exercise 18-12 Income statement preparation L.O. P2

Following
are the selected account balances of Randa Company:

Sales

$

1,491,000

Raw
materials inventory, Dec. 31, 2010

37,000

Goods
in process inventory, Dec. 31, 2010

59,600

Finished
goods inventory, Dec. 31, 2010

61,100

Raw
materials purchases

172,200

Direct
labor

232,000

Factory
computer supplies used

19,100

Indirect
labor

52,000

RepairsFactory
equipment

7,250

Rent
cost of factory building

55,000

Advertising
expense

94,000

General
and administrative expenses

132,000

Raw
materials inventory, Dec. 31, 2011

49,000

Goods
in process inventory, Dec. 31, 2011

46,500

Finished
goods inventory, Dec. 31, 2011

71,300

Prepare
an income statement for Randa Company (a manufacturer). Assume that its cost
of goods manufactured is $538,650. (Input all
amounts as positive values. Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-12 Income statement preparation L.O. P2

Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.

9.
award:
2 out of
2.00 points

Exercise 18-13 Cost flows in manufacturing L.O. C5

The
following chart shows how costs flow through a business as a product is
manufactured. Some boxes in the flowchart show cost amounts. Compute the cost
amounts for the input boxes.

Exercise 18-7 Balance sheet identification and preparation L.O. C4[The following information applies to
the questions displayed below.]Current
assets for two different companies at calendar year-end 2011 are listed here.
One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a
grocery distribution company. AccountCompany 1Company 2 Cash$9,000 $7,000 Raw
materials inventory 46,750 Merchandise
inventory 49,750 Goods
in process inventory 34,000 Finished
goods inventory 54,000 Accounts
receivable, net 59,000 81,000 Prepaid
expenses 2,500 500 Section BreakDifficulty: Hard Exercise 18-7 Balance sheet identification and preparation L.O. C4Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ. 1.award:
1 out of
1.00 point Exercise 18-7 Part 1.1(1.1) Identify
which set of numbers relates to the manufacturer.Company 1Company 2Company
2, Roller Blades Mfg., is a manufacturing company with 3 inventory categories
(raw materials, goods in process, and finished goods).eBook LinkView Hint #1Multiple ChoiceDifficulty: Hard Exercise 18-7 Part 1.1Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ. 2.award:
1 out of
1.00 point Exercise 18-7 Part 1.2(1.2)Identify
which set of numbers relates to the merchandiser.Company 1Company 2Company
1, Sunny Foods, is a merchandising firm with only one inventory item,
merchandise inventory.eBook LinkView Hint #1Multiple ChoiceDifficulty: Hard Exercise 18-7 Part 1.2Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ. 3.award:
2 out of
2.00 points Exercise 18-7 Part 2(2)Prepare
the current asset section for each company from this information. (Be sure to list the current assets in order of liquidity.
Omit the “$” sign in your response.) Company 1
Sunny Foods
Current Asset Section
December 31, 2011 Cash$ 9,000 Accounts
receivable, net59,000 Merchandise
inventory49,750 Prepaid
expenses2,500 Total
current assets$ 120,250 Company 2
Roller Blades Mfg.
Current Asset Section
December 31, 2011 Cash$ 7,000 Accounts
receivable, net81,000 Raw
materials inventory Goods
in process inventory Finished
goods inventory Prepaid
expenses500 Total
current assets$ 223,250 eBook LinkView Hint #1WorksheetDifficulty: Hard Exercise 18-7 Part 2Learning Objective: 18-C4 Explain how balance sheets and income
statements for manufacturing and merchandising companies differ.
4.award:
2 out of
2.00 points Exercise 18-8 Cost of goods sold computation L.O. P1 Century
Merchandising New Homes
Manufacturing Beginning
inventory Merchandise $263,000 Finished
goods $526,000 Cost
of purchases 500,000 Cost
of goods manufactured 930,000 Ending
inventory Merchandise 163,000 Finished
goods 157,000 Compute
cost of goods sold for each of these two companies for the year ended
December 31, 2011. (Omit the “$”
sign in your response.)
eBook LinkView Hint #1WorksheetDifficulty: Medium Exercise 18-8 Cost of goods sold computation L.O. P1Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.
7.award:
3 out of
3.00 points Exercise 18-11 Manufacturing statement preparation L.O. P2Given the following selected account balances
of Randa Company. Sales$1,459,000 Raw
materials inventory, Dec. 31, 2010 42,000 Goods
in process inventory, Dec. 31, 2010 56,300 Finished
goods inventory, Dec. 31, 2010 61,100 Raw
materials purchases 175,700 Direct
labor 246,000 Factory
computer supplies used 24,700 Indirect
labor 55,000 RepairsFactory
equipment 7,250 Rent
cost of factory building 50,000 Advertising
expense 81,000 General
and administrative expenses 140,000 Raw
materials inventory, Dec. 31, 2011 49,900 Goods
in process inventory, Dec. 31, 2011 40,000 Finished
goods inventory, Dec. 31, 2011 65,300 Prepare
its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.) Exercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2[The following information applies to
the questions displayed below.]Using
the following data, Canyon
Company Rossings
Company Beginning
finished goods inventory $12,000 $14,500 Beginning
goods in process inventory 16,500 19,500 Beginning
raw materials inventory 13,500 10,000 Rental
cost on factory equipment 29,000 23,000 Direct
labor 22,000 42,000 Ending
finished goods inventory 21,500 12,500 Ending
goods in process inventory 27,000 21,000 Ending
raw materials inventory 7,700 17,200 Factory
utilities 10,000 10,000 Factory
supplies used 10,000 9,100 General
and administrative expenses 18,000 55,000 Indirect
labor 3,250 9,660 RepairsFactory
equipment 6,780 3,500 Raw
materials purchases 34,000 41,000 Sales
salaries 57,000 47,000 Section BreakExercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements. 5.award:
2 out of
2.00 points Exercise 18-9 Part 11.Compute the cost of goods manufactured for both
Canyon Company and Rossings Company. (Omit
the “$” sign in your response.)
eBook Links (2)View Hint #1WorksheetDifficulty: MediumLearning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.Exercise 18-9 Part 1Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.
6.award:
0 out of
2.00 points Exercise 18-9 Part 22.Compute cost of goods sold for both Canyon
Company and Rossings Company. (Omit the
“$” sign in your response.)
eBook Links (2)View Hint #1WorksheetDifficulty: MediumLearning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.Exercise 18-9 Part 2Learning Objective: 18-P1 Compute cost of goods sold for a
manufacturer.

Section BreakExercise 18-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.1. Exercise 18-9 Part 22.
7.award:
3 out of
3.00 points Exercise 18-11 Manufacturing statement preparation L.O. P2Given
the following selected account balances of Randa Company. Sales$1,459,000 Raw
materials inventory, Dec. 31, 2010 42,000 Goods
in process inventory, Dec. 31, 2010 56,300 Finished
goods inventory, Dec. 31, 2010 61,100 Raw
materials purchases 175,700 Direct
labor 246,000 Factory
computer supplies used 24,700 Indirect
labor 55,000 RepairsFactory
equipment 7,250 Rent
cost of factory building 50,000 Advertising
expense 81,000 General
and administrative expenses 140,000 Raw
materials inventory, Dec. 31, 2011 49,900 Goods
in process inventory, Dec. 31, 2011 40,000 Finished
goods inventory, Dec. 31, 2011 65,300 Prepare
its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.) eBook LinkView Hint #1WorksheetDifficulty: Hard Exercise 18-11 Manufacturing statement preparation L.O. P2Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements.
8.award:
2 out of
2.00 points Exercise 18-12 Income statement preparation L.O. P2Following
are the selected account balances of Randa Company: Sales$1,491,000 Raw
materials inventory, Dec. 31, 2010 37,000 Goods
in process inventory, Dec. 31, 2010 59,600 Finished
goods inventory, Dec. 31, 2010 61,100 Raw
materials purchases 172,200 Direct
labor 232,000 Factory
computer supplies used 19,100 Indirect
labor 52,000 RepairsFactory
equipment 7,250 Rent
cost of factory building 55,000 Advertising
expense 94,000 General
and administrative expenses 132,000 Raw
materials inventory, Dec. 31, 2011 49,000 Goods
in process inventory, Dec. 31, 2011 46,500 Finished
goods inventory, Dec. 31, 2011 71,300 Prepare
an income statement for Randa Company (a manufacturer). Assume that its cost
of goods manufactured is $538,650. (Input all
amounts as positive values. Omit the “$” sign in your response.) eBook LinkView Hint #1WorksheetDifficulty: Hard Exercise 18-12 Income statement preparation L.O. P2Learning Objective: 18-P2 Prepare a manufacturing statement and
explain its purpose and links to financial statements. 9.award:
2 out of
2.00 points Exercise 18-13 Cost flows in manufacturing L.O. C5The
following chart shows how costs flow through a business as a product is
manufactured. Some boxes in the flowchart show cost amounts. Compute the cost
amounts for the input boxes.

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