**Required**a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.---**Balance Sheet**| Assets | = | Equity ||-----------------|---|---------------------------------|| Cash + Raw M. + MOH + WIP + F. Goods | = | C. Stk. + Ret. Ear. || 60,000 + NA + NA + NA + NA | = | 60,000 + NA |**Income Statement**| Rev. - Exp. = Net Inc.||-----------------------|| NA - NA = NA |---b. Reconcile all subsidiary accounts with their respective control accounts.c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant.d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. **CHECK FIGURE**- d. COGM: $29,700 - NI: $6,300---**Problem 12-13A: Job-order costing system**Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)_Page 568_**Table: Direct Raw Materials Used and Direct Labor**| Job | Direct Raw Materials Used | Direct Labor ||------|---------------------------|--------------|| Job 1| $2,800 | $6,000 || Job 2| $4,000 | $8,000 || Job 3| $6,000 | $4,000 || **Total** | $12,800 | $18,000 |Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300.

Name: **Required**a. Record the preceding events in a horizontal statements
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: **Required**a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.---**Balance Sheet**| Assets | = | Equity ||-----------------|---|-------------

Business

Accounting

Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity %3D Raw F. С. Cash + М. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA + NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity %3D Raw F. С. Cash + М. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA + NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What does the vertical analysis reveal on ABC Corporation in terms of Statement of Financial Position
Using these data from the comparative balance sheets of Bonita Company, perform a vertical analysis. Accounts receivable (net) Inventory Total assets (Round percentages to 1 decimal place, e.g. 12.1%.) Accounts receivable (net) Inventory Total assets Amount $435.960 December 31, 2022 December 31, 2021 $422,800 720.720 2.520,000 $435.960 December 31, 2022 720.720 2,520.000 Percentage 624,400 2,800,000 Amount $422,800 624,400 2.800,000 December 31, 2021 Percentage % 8
Q2. The following information has been extracted from the draft financial statements of Moba limited.. MOBA LIMITED STATEMENTS OF FINANCIAL POSITION AS AT 31 JUNE 2021 2022 Non-current assets Current assets Inventory Trade receivables Bank Total assets Equity and liabilities Equity Ordinary share capital Share premium Retained earnings Non-current liabilities 10% Loan note (redeemable 31 June 2022) Current liabilities Trade payables Taxation Bank overdraft Operating profit Interest payable Profit before taxation K'000 Taxation 450 180 58 580 360 0 K'000 Κ'000 4,600 940 5.540 3,500 300 1,052 4,852 0 688 5.540 Additional information (a) The statement of profit or loss for the year ended 31 June 2022 shows the following. 500 230 170 K'000 Profit for financial year (b) During the year dividends paid were K270,000. (c) Profit before taxation had been arrived at after charging K700,000 for depreciation on DANCON assets. (d) During the year non-current assets with a net book value of K200,000…
Please help with the following question, thank you!
Calculate the following ratios all are required 1-Receivables Turnover 2-Inventory Turnover 3-Payables Turnover 4-Debt-Equity Ratio 5-Debt Ratio Balance sheet Group Parent Company 31 December 2018 31 March 2018 31 December 2018 31 March 2018 Notes RO RO RO RO ASSETS Non-current Property, plant and equipment 5 6,406,433 7,113,759 3,683,610 4,182,275 Investment in subsidiaries - - 515,750 515,750 Fixed deposit 9.1 1,048,399 - 1,048,399 - Deferred tax assets 27 675,393 537,722 727,632 602,078 Non-current assets 8,130,225 7,651,481 5,975,391 5,300,103 Current Inventories 6 4,481,209 3,832,010 4,450,529 3,651,720 Trade and other receivables 7 3,771,104 3,502,574 3,244,883 2,758,158 Due from related parties 18 - - 351,897 2,439,914 Financial assets at…
Please solve the following, vertical analysis (refer to the formula)
None
The photo is a vertical analysis of Apple Inc balance sheet. discuss the analysis
Q. Calculate the current assets and current liabilities from the data given below. Current ratio. 1.8 Quick ratio. 1.2 Inventory turnover ( on c.g.s). 12 Gross profit rate. 25% Credit period. 1month Working capital. 640000
G
a. Return on equityb. Total assets turnoverc. Return on assetsd. Current ratioe. Receivables turnover
Please donot provide solution in image format provide solution in step by step format and fast solution Using the information from Part I, comment on the following financial elements of Target Corporation: