Columbia Southern University Operations And Supply Chain Management Assignment Help - Thai Bay's computer system

Question - Thai Bay's computer system generated the following trial balance on December 31, 2011. The
companys manager knows something is wrong with the trial balance because it does not show any
balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory
Overhead accounts. Debit Credit Cash $ 48,000 Accounts receivable 42,000 Raw materials inventory
26,000 Goods in process inventory 0 Finished goods inventory 9,000 Prepaid rent 3,000 Accounts
payable $ 10,500 Notes payable 13,500 Common stock 30,000 Retained earnings 87,000 Sales
180,000 Cost of goods sold 105,000 Factory payroll 16,000 Factory overhead 27,000 Operating
expenses 45,000 Totals $ 321,000 $ 321,000 After examining various files, the manager i ...Read More dentifies the
following six source documents that need to be processed to bring the accounting records up to date.
Materials requisition 21-3010: $ 4,600 direct materials to Job 402 Materials requisition 21-3011: $
7,600 direct materials to Job 404 Materials requisition 21-3012: $ 2,100 indirect materials Labor time
ticket 6052: $ 5,000 direct labor to Job 402 Labor time ticket 6053: $ 8,000 direct labor to Job 404
Labor time ticket 6054: $ 3,000 indirect labor Jobs 402 and 404 are the only units in process at year-
end. The predetermined overhead rate is 200% of direct labor cost. references 1.value: 2.00 points a.
Direct materials costs to Goods in Process Inventory. b. Direct labor costs to Goods in Process
Inventory. c. Overhead costs to Goods in Process Inventory. d. Indirect materials costs to the Factory
Overhead account. e. Indirect labor costs to the Factory Overhead account. Required: 1. Prepare
journal entries to assign the above costs. (Omit the "$" sign in your response.) Date General Journal
Debit Credit a. b. c. d. e. check my workeBook Links (4)references 2.value: 1.00 points 2.1 Determine
the revised balance of the Factory Overhead account after making the entries in part 1. Determine
whether there is any under- or overapplied overhead for the year. (Input the amount as positive value.
Omit the "$" sign in your response.) $ 2.2 Prepare the adjusting entry to allocate any over- or
underapplied overhead to Cost of Goods Sold, assuming the amount is not material. (Omit the "$"
sign in your response.) Date General Journal Debit Credit Dec. 31 check my workeBook Links
(4)references 3.value: 1.00 points 3. Prepare a revised trial balance. (The items in the Trial Balance
should be grouped as follows: Assets, Liabilities (in order of their liquidity), Equity, Revenues, and
Expenses. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your
response.) THAI BAY COMPANY Trial Balance December 31, 2011 Debit Credit $ $ Totals $ $ check
my workeBook Links (4)references 4.value: 1.00 points 4.1 Prepare an income statement for year
2011. (Amounts to be deducted should be indicated by a minus sign. Omit the "$" sign in your
response.) THAI BAY COMPANY Income Statement For Year Ended December 31, 2011 $ $ 4.2
Prepare a balance sheet as of December 31, 2011. (Be sure to list the assets and liabilities in order of
their liquidity. Omit the "$" sign in your response.) THAI BAY COMPANY Balance Sheet December
31, 2011 Assets $ Inventories $ Total Assets $ Liabilities and Equity $ Total Liabilities Total
Stockholders' Equity Total Liabilities and Equity $ ...Read Less

Solution Preview - No Solution Preview Available

Original Question Documents

N/A