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$ 42,000 $13,600 7,450 18,000 January 1 Asseto Cash Raw materials Work in process Finished goods Prepaid expenses Property, p
Required 1 Required 2 Calculate the ending balances that would be reported on the companys balance sheet on January 31 (Hin
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Answer #1
1 Morrison Company
Transaction Analysis
For the Month Ended January 31
Transaction Cash Raw Materials Work in Process Finished Goods Manufacturing Overhead Prepaid Expense PP&E (net) = Accounts Payable Retained Earnings
Beginning balances @1/1 $42,000 $13,600 $7,450 $18,000                     -   $2,150 $105,000 = $16,900 $171,300
(a) $76,200 = $76,200
(b) -$84,900 $68,000 $16,900 =
(c) -$189,450 $97,200 $43,200 = -$49,050
(d) $46,650 = $46,650
(e) $39,200 -$56,000 = -$16,800
(f) -$39,050 = -$39,050
(g) $1,040 -$1,300 = -$260
(h) $140,400 -$140,400 =
(i) -$303,800 $303,800 =
(j) $416,840 = $416,840
(k) -$300,600 = -$300,600
(l) -$62,000 = -$62,000
(m) Underapplied overhead -$6,590 = -$9,450
Ending balances @31/1 $168,340 $4,900 $9,250 $21,200 $0 $850 $49,000 = $77,750 $172,930
2 Net operating income $1,630
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