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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education