34035000-6-Browning-Mftg-Company-Case-Solution

34035000-6-Browning-Mftg-Company-Case-Solution - Assets...

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Assets Liabilities + Owner's Equity Cash Accounts Payable + - - + 118,440 $ 144,000 $ 788,400 $ 185,760 $ 264,000 $ 78,000 $ 825,000 $ 2,604,000 $ 492,000 $ 66,000 $ 198,000 $ 49,200 $ 788,400 $ 1,076,760 $ 135,600 $ Notes Payable 522,000 $ - + 38,400 $ 288,840 $ 788,400 $ 264,000 $ 9,000 $ 36,000 $ - $ 552,840 $ Interest on Loans - + 38,400 $ 2,986,440 $ 2,490,600 $ 495,840 $ Sales Accounts Receivables - + + - 2,562,000 $ 311,760 $ 19,200 $ 2,562,000 $ 49,200 $ 2,604,000 $ 2,873,760 $ 2,672,400 $ 201,360 $ COGS Sales Returns & Allowances - + + - 1,806,624 $ 19,200 $ 49,200 $ Discounts Income Taxes Payable + - - + 9,000 $ 9,000 $ 58,000 $ 9,000 $ 67,000 $ + - 522,000 $ Depreciation Expense - + Finished Goods Inventory
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+ - 257,040 $ 1,806,624 $ 1,901,952 $ Retained Earnings - + 2,158,992 $ 1,806,624 $ 352,368 $ 36,000 $ 829,560 $ Work in Process Inventory 68,576 $ + - 172,200 $ 1,901,952 $ 36,000 $ 898,136 $ 811,000 $ Capital Stock 1,129,200 $ - + 1,512,000 $ 2,112,400 $ 1,901,952 $ (210,448) $ Materials + - - + 110,520 $ 811,000 $ 825,000 $ 935,520 $ 811,000 $ 124,520 $ Direct Manufacturing Labor + - - + 492,000 $ Factory Overhead Indirect Manufacturing Labor + - - + 198,000 $ + - - + 135,600 $ Social Security Taxes + - - + 49,200 $ Prepaid Taxes & Insurance, factory
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+ - 66,720 $ 52,800 $ 78,000 $ 144,720 $ 52,800 $ 91,920 $ Supplies + - 17,280 $ 61,200 $ 66,000 $ 83,280 $ 61,200 $ 22,080 $ + - 2,678,400 $ 907,200 $ 144,000 $ 140,400 $ 2,822,400 $ 1,047,600 $ 1,774,800 $
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288,360 $ 552,840 $ 58,000 $
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862,136 $ 58,000 $
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Finished goods inventory 1/1/98 257,040 $ Work in process inventory 1/1/98 172,200 $ Materials used 811,000 $ Plus: Factory expenses Direct Manufacturing Labor 492,000 $ Factory overhead Indirect manufacturing labor 198,000 $ Power, heat and light 135,600 $ Depreciation of plant 140,400 $ Social Security Taxes 49,200 $ Taxes and insurance, factory 52,800 $ Supplies 61,200 $ 637,200 $ 2,112,400 $ Less: Work in process inventory 12/31/98 210,448 $ Cost of goods manufactured (completed) 1,901,952 $ 2,158,992 $ Less: Finished goods inventory 12/31/98 352,368 $ Cost of goods sold 1,806,624 $ Browning Manufacturing Company Statement of Cost of Goods Sold (Schedule 1)
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This note was uploaded on 12/07/2011 for the course MBA 0001 taught by Professor Akshat during the Spring '09 term at Institute of Management Technology.

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34035000-6-Browning-Mftg-Company-Case-Solution - Assets...

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