View the step-by-step solution to:

Hokie Manufacturing Co.

Hokie Manufacturing Co.
Post-Closing Trial Balance
April 30,2013
Cash 25000
Accounts Receivable 65000
Finished Goods 120000
Work in Process 35000
Materials 18000
Building 480000
Accumulated Depreciation-Building 72000
Factory Equipment 220000
Accumulated Depreciation-Factory Equipment 66000
Office Equipment 60000
Accumulated Depreciation-Office Equipment 36000
Accounts Payable 95000
Capital Stock 250000
Retained Earnings 504000
1023000 1023000

During May, the following transactions took place:
a. Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account)
b. Issued raw materials to be used in production, costing $47,000, and miscellaneous factory supplies costing $15,000
c. Recorded the payroll, the payments to employees, and the distribution of the wages and salaries earned for the months as follows: factory wages (including $12,000 indirect labor) $41,000; and selling and administrative salaries, $7000. Additional account titles include Wages Payable and Payroll (ignore payroll withholdings and deductions)
d. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the office equipment. The sales and administrative staff uses approximately one-fifth of the building for its offices.
e. Incurred other expenses totaling $11000. One-fourth of this amount is allocable to the office function
f. Transferred total factory overhead cost to Work in Process.
g. Completed and transferred goods with a total cost of $91,000 to the finished goods storeroom
h. Sold goods costing $188,000 for $362,000. (Assume that all sales were made on an account)
i. Collected accounts receivable in the amount of $345,000
j. Paid accounts payable totaling $158,000

Set up T-accounts. Post the beginning trial balance and the journal entries prepared in (1) to the accounts and determine the balances in the accounts on May 31
Sign up to view the entire interaction

Top Answer

Here's the explanation you needed for... View the full answer

8421988.doc

4/30 (i) Cash 25,000 (c) 362,000 (j) 48,000 158,000
206,000 4/30 (h) Accounts Receivable 65,000 (i) 362,000 345,000 387,000 181,000 410,000 48,000 4/30 (g) Finished Goods 120,000 (h) 188,000 91,000...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online