d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2015. (Leave no cells blank, enter "0" wherever required.) MORENO MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for 2015 Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold MORENO MANUFACTURING COMPANY Income Statement for 2015 Moreno Manufacturing Corporation was started with the issuance of common stock for $55,000. It purchased $8,000 of raw materials and worked on three job orders during 2015 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Materials Direct Used Labor $ 1,400 2,100 3,400 $2,000 3,900 1,800 Job 1 Job 2 Job 3 $ 7,700 $6,900 Total Factory overhead is applied using a predetermined overhead rate of $0.50 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,600 cash. Moreno paid $500 for selling and administrative expenses. Actual factory overhead was $4,350. Required: a.b.&c. Record the preceding events and the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model. Reconcile all subsidiary accounts with their respective control accounts. (Enter costs of each job individually. Enter any decreases to account balances with a minus sign.) Assets Equity Finished Common Retained Earnings Manufacturing Raw Overhead Material Work In Net Income Cash Revenue-Expense = Process Goods Stock 0+| 이에 이크 55,000 + 이 이ㅋ 55,000|+
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Just answer section D please.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
