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2 years ago

The following trial balance of Sheffield Co. does not balance

Business

1 answer:

HACTEHA [7]2 years ago

3 0

Answer:

Explanation:

1. The cash balance is as follows:

Cash:

Balance stated in $3227

Cash Collected from -

customer misposted $180

Wrong debit for telephone -

charges $422

Telephone charges $422

Revised Balance $2563

Balance on account receivable ($3408) is gotten by removing $180 (i.e $750 - $570) from $3588.

Supplies = $1,157 - $857 = #300

Equipment: $857 + $4157(computer printer worth) = $5014

5. Accounts Payable:

Balance stated in Trial Balance $3023

Wrong credit to Accounts Payable $260

Payment on account $206

Balance $2557

Unearned Service Revenue = $1557 - $682 (Revenue portion ) = $875

7. No changes occurred in common stock and retained earnings.

Service revenue = unearned revenue ($2737) + $682(revenue portion) + $801(under posting)

Service revenue = $4220

Salaries and wages = $3757 + ($1027) ommission - $932(dividend)

Salaries and wages = $3852

10.

No changes occurred in Office expenses.

11.

Dividened expense = $932

Sheffield Co Trial Balance can be computed as follows:

Accounts Debit Credit

Cash $2563

Accounts Receivable $3408

Supplies $300

Equipment $5014

Accounts Payable $2557

Unearned Service Revenue $875

Common stock $6357

Retained Earnings $3,357

Service Revenue $4220

Salaries & Wages expense $3852

Office Expenses $1297

Dividend $932

$17,366 $17,366

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Answer:

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Answer:

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(1) Cost of ending work in process inventory:

For materials:

= Equivalent units of production in ending work in process × Cost per equivalent unit

= 2,040 × $ 15.46

= $31,538.4

For conversion:

= Equivalent units of production in ending work in process × Cost per equivalent unit

= 930 × $5.73

= $5,328.9

Total = $31,538.4 + $5,328.9

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For materials:

= Total units completed and transferred × Cost per equivalent unit

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= $326,206

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= $120,903

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