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Cash Raw materials inventory Work in process inventory Finished goods inventory Common stock Retained earnings. Totals The subsidiary completed the following transactions during Year 2. 1. Paid $57,120 cash for direct raw materials. 2. Transferred $47,600 of direct raw materials to work in process. 3. Paid production employees $76,160 cash. 4. Applied $50,450 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $155,150. 6. Sold products that cost $136,110 for $173,240 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,040 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $52,350. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). lo. Made a $4,750 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. $190, 400 3,800 5,710 6,660 Complete this question by entering your answers in the tabs below. Req A $122,800 83,770 $206,570 $206,570 Event No. Beg. $ Bal. 190,400 1. 2. 3. 4. 5. 6a. 6b. 7. 8. 9. 10. Total Req B For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Cash + + + + + + + + + + + + + Req C Inc Reg C Bal Stmt Sheet Manufacturing Overhead Assets + + + + + + + + Balance Sheet Raw Materials + $3,800+ $5,710+ $6,660 = |+| + + + + + + |+ Work in Finished Common Retained + Process Goods Stock Earnings $ +$83,770 122,800 + + + + + + + + + + + + + + = = = = = = = Equity - - =I = B Net Income

Cash Raw materials inventory Work in process inventory Finished goods inventory Common stock Retained earnings. Totals The subsidiary completed the following transactions during Year 2. 1. Paid $57,120 cash for direct raw materials. 2. Transferred $47,600 of direct raw materials to work in process. 3. Paid production employees $76,160 cash. 4. Applied $50,450 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $155,150. 6. Sold products that cost $136,110 for $173,240 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,040 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $52,350. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). lo. Made a $4,750 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. $190, 400 3,800 5,710 6,660 Complete this question by entering your answers in the tabs below. Req A $122,800 83,770 $206,570 $206,570 Event No. Beg. $ Bal. 190,400 1. 2. 3. 4. 5. 6a. 6b. 7. 8. 9. 10. Total Req B For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Cash + + + + + + + + + + + + + Req C Inc Reg C Bal Stmt Sheet Manufacturing Overhead Assets + + + + + + + + Balance Sheet Raw Materials + $3,800+ $5,710+ $6,660 = |+| + + + + + + |+ Work in Finished Common Retained + Process Goods Stock Earnings $ +$83,770 122,800 + + + + + + + + + + + + + + = = = = = = = Equity - - =I = B Net Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Raw materials inventory Work in process inventory Finished goods inventory Common stock Retained earnings Totals The subsidiary completed the following transactions during Year 2. 1. Paid $57,120 cash for direct raw materials. 2. Transferred $47,600 of direct raw materials to work in process. 3. Paid production employees $76,160 cash. 4. Applied $50,450 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $155,150. 6. Sold products that cost $136,110 for $173,240 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,040 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $52,350. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). 10. Made a $4,750 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Event No. Cash + Req A Req B For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Beg. $ Bal. 190,400 1. 2. 3. 4. 5. 6a. 6b. 7. 8. 9. 10. Total + + + $190,400 3,800 5,710 6,660 + + $122,800 83,770 $206,570 $206,570 + + + + + + + + Req C Inc Req C Bal Stmt Sheet Manufacturing Overhead + Assets Raw Work in Finished Common Retained Materials Process Goods Stock Earnings $ 122,800 $3,800 + $5,710+ $6,660 = $83,770 + + + + + + + + + + + Balance Sheet + + + + + + + + + + + + + + + + + = = = = = Equity < Req A + + + + + + + + + + + + + Income Statement Revenue - Expense = Req B > Net Income BI FI = FI Bİ |=" BI
Transcribed Image Text:Cash Raw materials inventory Work in process inventory Finished goods inventory Common stock Retained earnings Totals The subsidiary completed the following transactions during Year 2. 1. Paid $57,120 cash for direct raw materials. 2. Transferred $47,600 of direct raw materials to work in process. 3. Paid production employees $76,160 cash. 4. Applied $50,450 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $155,150. 6. Sold products that cost $136,110 for $173,240 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,040 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $52,350. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). 10. Made a $4,750 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Event No. Cash + Req A Req B For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Beg. $ Bal. 190,400 1. 2. 3. 4. 5. 6a. 6b. 7. 8. 9. 10. Total + + + $190,400 3,800 5,710 6,660 + + $122,800 83,770 $206,570 $206,570 + + + + + + + + Req C Inc Req C Bal Stmt Sheet Manufacturing Overhead + Assets Raw Work in Finished Common Retained Materials Process Goods Stock Earnings $ 122,800 $3,800 + $5,710+ $6,660 = $83,770 + + + + + + + + + + + Balance Sheet + + + + + + + + + + + + + + + + + = = = = = Equity < Req A + + + + + + + + + + + + + Income Statement Revenue - Expense = Req B > Net Income BI FI = FI Bİ |=" BI
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