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WORK SHEET, ADJUSTING ENTRIES, AND FINANCIAL STATEMENTS Herrera Company had the following trial balance columns on its work sheet: Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory ……………….$3,100 (b) Interest receivable ………………….75 (c) Interest payable …………………600 (d) Estimate of uncollectible accounts, based on an aging of accounts receivable ……………….2,930 (e) Office supplies consumed ……………..2,900 (f) Factory supplies consumed ………………3,300 (g) Factory building depreciation ……………..5,000 (h) Factory equipment depreciation ……………..4,000 (i) Overapplied factory overhead ……………..1,470 (j) Provision for corporate income taxes …………6,100 (k) Physical counts of the inventories agreed with the amounts in the books. Additional information needed to prepare the financial statements is as follows: Beginning inventories: Finished goods, January 1 ……………$18,000 Work in process, January 1 ……………..7,300 Materials inventory, January 1 ……………9,500 Materials purchases for the year ………….51,500 Direct labor …………………60,000 Actual factory overhead …………….90,930 Indirect materials charged to production ……….3,400 REQUIRED 1. Prepare a work sheet. 2. Prepare the following financial statements and schedule: (a) income statement (b) sch

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