Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. Cash + Raw Materials + BALANCE SHEET Assets Work in Process Finished Goods Manufacturing Overhead Stockholders' Equity Revenue INCOME STATEMENT Expenses Net Income

Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. Cash + Raw Materials + BALANCE SHEET Assets Work in Process Finished Goods Manufacturing Overhead Stockholders' Equity Revenue INCOME STATEMENT Expenses Net Income

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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