11) Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet?

A) Statement of cost of goods manufactured

B) Balance sheet

C) Income statement

D) Statement of cost of goods sold.

12) A manufacturing company will have a new set of columns on the worksheet for the:

A) statement of finished goods.

B) statement of work-in-process inventories.

C) statement of cost of goods sold.

D) statement of cost of goods manufactured.

 

13) The major difference on the balance sheet of a manufacturing company is to include:

A) a retained earnings section.

B) three inventory accounts, rather than one.

C) prepaid expenses.

D) accrued payroll.

 

14) The Raw Materials Inventory, Work-in-Process Inventory, and Finished Goods Inventory accounts appear on the manufacturing worksheet in the:

A) balance sheet columns.

B) income statement columns.

C) statement of cost of goods manufactured.

D) all of the above.

 

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account’s nature (permanent/temporary).

 

15)

 

Column 1

Column 2

Column 3

Column 4

Accounts receivable

 

 

 

 

 

16)

 

Column 1

Column 2

Column 3

Column 4

Finished goods inventory

 

 

 

 

 

 

 

17)

 

Column 1

Column 2

Column 3

Column 4

Work in process inventory

 

 

 

 

 

 

 

18)

 

Column 1

Column 2

Column 3

Column 4

Raw materials inventory

 

 

 

 

 

 

19)

 

Column 1

Column 2

Column 3

Column 4

Factory supplies inventory

 

 

 

 

 

20)

 

Column 1

Column 2

Column 3

Column 4

Factory equipment

 

 

 

 

 

 

 

 



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