Question

High End Lifts Inc. I need to complete Balance Sheet and Unit Cost and Flow Sheet. Please help.

DIRECTIONS: COMPLETE ALL YELLOW CELLS Save the cash account for the end (the formula and a check figure are given below). Projected Balance Sheet Assets Current Assets Manufacturin ASSETS: A/R, Supplies and Prepaid Insurance remain the same. Raw materials inventory is estimated at $110,000, work-in-process inventory is estimated at $96,250, and finished goods inventory is estimated at $275,000. All prior merchandise inventory balances have been sold to customers (the balance in the merchandising inventory account, manufacturing column E10, is zero). Enter these amounts in the yellow cells. sourcin 1,901,749 #### AIR 564,000 #### 564,000 85.2% 26,000 09% 400,000 26,000 3.9% ory Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Prepaid Insurance FotalLument Assets PP&E ISG&A) Computers & Network (5 yr. life) Furniture &Fitures (10 ur. life) Office Equipment [5 yr. life] Vehicles (5 yr. life) PP&E (Production) Land PP&E (Selling, General & Administrative ) remain same. 6,300 0.2% 2,898,049 '#### 6,300 10% 596,300 90.1% PP&E (Production Assets) include the following new purchases at the beginning of the year in the manufacturing column only: Land, $125,000; Buildings, $750,000 (50 year life) Furniture & Fixtures, $15,000 (10 year useful life); CAD, Computers and Network, $50,000 (5 year useful life); Machinery, $350,000 (15 year useful life); and a Forklift, $75,000 (10 year useful life). Include the amounts in the manufacturing balance sheet and compute the DepreciatiTotal Deprec 25,000 3.8% 35,000 1.2% 35,000 5.3% 12,000 1.8% 65,000 2.2% 65,000 9.8% 5,000 13,000 23,900annual depreciation amounts in cells H22 through H27 in yellow. Assume straight-line depreciation method (Cost/Life), zero residual value Furniture & Fixtures (10 yr. life) CAD Computers, Network 〔5 yr. life) Machinery (15 yr. life) Forklift(10 yr. life) LIABILITIES & EQUITY: Accounts payable equals $130,000. Wages payable equals $48,000. Interest payable remains unchanged. Income Taxes Payable is done for you (25% of the amount of income tax expense on the income statement (quarterly payments). Unearned Revenue, and Current Portion of Notes Payable account balances are unchanged. atal PPSE Total Assets 65.300 2,2% 65,300 9.9% Notes Payable and Common Stock account balances are unchanged. Current Liabilities Accounts Payable Wages Payable Interest Payable Income Taes Payable Unearned Revenue Current Portion of LT Notes Payab Fatal Lurrent Liabdies Notes Payable CASH: Create the following formula for cell E7-C7 + (Task #1 is E23-Task #1 IS C23) 8,278 1.3% 111,736 16.9% 60,000 9.1. 17,393 2.6% 408,809'#### 197,406 29.8% 282.341 35% 15,000 0.5% 8,278 0.3% 25,798 09% (E11+E12+E13-C10) (E22+E23+E24+E25+E26+E27-127) (C39 E39) Check: Cash should be $1,510,679 Check: Total Assets 53,961,196. 17,393 0.6% 1383 3491171946 177.1/2 otalLiabiities Stockholders Equit Common Stock 1,000,000 #### 1,000,000 151.1%

Answer 1

DM cost have been taken as 40% of 3,437,500= $1375000. Per unit DM is 1375000/25= $55,000

DL is 50% of 347500=$1718750 Per unit DL =1718750/25=$68,750

DL is applied in WIP as $68,750*27.5 units

Similary MOH in WIP is $13750*27.5 units

Manufactur Assets ing $ Explanation Cash 1510679 564,000 26,000 Supplies Merchandise Inventory Raw Material Inventory Work in progress Inventory Finished goods Inventory Prepaid Insurance 110,000 96,250 275000 6,300 Total Deprecia Depreciati Total Current Asset 2,588,229 tion on PP&E SGA 137,000 23,900 Total Deprecia Depreciati tion PP&E on Land Buildings Furniture & Fixture CAD computers,network Machinery Forklift Accumulated Depreciation Total PPE Total Assets 125,000 750,000 15000 50,000 350000 No depreciation Cost/50 Cost/10 Cost/5 Cost/15 15000 1500 10000 23333.33 7500 57333.333 Cost/10 129033 1,372,967 3,961,196 23900 3+57333 Accounts Payable Wages Payable 130,000 48,000