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Prepare a statement of retained earnings for the year ended

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Reference no: EM13893820

The Income Statement and Balance Sheet columns of Omega Company's work sheet are shown bellow.

Additional information needed to prepare the financial statements is as follows:

Materials inventory, January 1 ........................................

$    4,820

Work in process inventory, January 1 .............................

7,535

Finished goods inventory, January 1 ...............................

20,345

Materials purchases .........................................................

167,060

Direct labor ......................................................................

97,500

Actual factory overhead...................................................

104,300

Indirect materials charged to production .........................

3,800

Required:

1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.

2. Prepare a statement of retained earnings for the year ended December 31, 20--.

3. Prepare a balance sheet as of December 31, 20--.

Reference no: EM13893820

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