Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events during its first year of operation. 1. Acquired $2,500 cash from the issue of common stock. 2. Paid $580 cash for direct raw materials. 3. Transferred $410 of direct raw materials to work in process. 4. Paid production employees $640 cash. 5. Paid $380 cash for manufacturing overhead costs. 6. Applied $230 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,050. 8. Sold products that cost $890 for $1,640 cash. 9. Paid $330 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required: a. Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Manufacturing Overhead Work in Finished Goods Common Event Raw Retained Net Cash Revenue Expense %3D Stock No. Materials Process Earnings Income $ 2,500 + $2,500 + 1. 2. 3. %3D 4. %3D 5. %3D 6. 7. %3D 8a. %3D 8b. 9. %3D 10. %3D 11. %3D Total II IL|| II + + +|+ + + + + + II |+ + | + + + + | + +|+ +| ++ + + + + ++ + + + + + +| + + +

Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events during its first year of operation. 1. Acquired $2,500 cash from the issue of common stock. 2. Paid $580 cash for direct raw materials. 3. Transferred $410 of direct raw materials to work in process. 4. Paid production employees $640 cash. 5. Paid $380 cash for manufacturing overhead costs. 6. Applied $230 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,050. 8. Sold products that cost $890 for $1,640 cash. 9. Paid $330 cash for selling and administrative expenses. 10. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account. Required: a. Record these events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Assets Equity Manufacturing Overhead Work in Finished Goods Common Event Raw Retained Net Cash Revenue Expense %3D Stock No. Materials Process Earnings Income $ 2,500 + $2,500 + 1. 2. 3. %3D 4. %3D 5. %3D 6. 7. %3D 8a. %3D 8b. 9. %3D 10. %3D 11. %3D Total II IL|| II + + +|+ + + + + + II |+ + | + + + + | + +|+ +| ++ + + + + ++ + + + + + +| + + +

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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