WORK SHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Woods Company’s trial balance columns from its work sheet are shown on the next page. Data for adjusting the accounts are as follows:(a) Factory overhead to be applied to work in process ending inventory ..$ 4,300(b) Interest receivable ……………………100(c) Interest payable …………………….700(d) Estimate of uncollectible accounts, based on an agingof accounts receivable …………………..4,110(e) Office supplies consumed …………………3,200(f) Factory supplies consumed ……………….6,700(g) Factory building depreciation ……………….10,000(h) Factory equipment depreciation ……………..6,000(i) Underapplied factory overhead ………………7,690(j) Provision for corporate income taxes ……………8,100(k) 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 …..$ 22,300Work in process, January 1…….12,400Materials inventory, January 1 …..7,900Materials purchases for the year …18,700Direct labor ………..90,300Actual factory overhead …….104,290Assume that all materials inventory items are direct materialsREQUIRED1. Prepare a work sheet.2. Prepare the following financial statements and schedule:(a) income statement(b) schedule of cost of goods manufactured(c) retained earnings statement(d) balancesheet
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WORK SHEET ADJUSTING ENTRIES AND FINANCIAL STATEMENTS Woods Co