Homework Answers
| 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 | $1,630 | ||||||||||
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$ 42,000 $13,600 7,450 18,000 January 1 Asseto Cash Raw materials Work in process Finished goods...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 42,000 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $13,600 7,450 18,000 39,050 2,150 105,000 $ 188,200 $ 16,900 171,300 $ 188, 200 During January the company completed...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system to assign manufacturing...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 42,000 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 13,600 7,450 18,000 39, 050 2,150 105,000 $ 188, 200 $ 16,900...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 45,900 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 16,900 5,450 18,600 40,950 3,500 145,000 $ 235,350 $ 7,800 227,550 $ 235,350 During January the company completed...
1. Calculate the ending balances that would be reported on the company's balance sheet on January...
1. Calculate the ending balances that would be reported on the
company's balance sheet on January 31st. (Hint: Be sure
to calculate the underapplied or overapplied overhead and then
account for its affect on the balance sheet.)
2. What is Morrison Company’s net operating income for the month
of January?
$ 36,900 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 Assets Cash $ 45,900 Raw materials $ 16,900 Work in process 5,450 Finished goods 18,600 40,950 Prepaid expenses 3,500 Property, plant, and equipment (net) 145,000 Total assets $ 235,350 Liabilities and Stockholders’ Equity Accounts payable $ 7,800 Retained earnings 227,550 Total liabilities and stockholders’ equity $ 235,350 During January the company completed...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 i...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 Assets Cash $ 38,400 Raw materials $ 10,200 Work in process 6,900 Finished goods 30,300 47,400 Prepaid expenses 3,275 Property, plant, and equipment (net) 148,000 Total assets $ 237,075 Liabilities and Stockholders’ Equity Accounts payable $ 10,800 Retained earnings 226,275 Total liabilities and stockholders’ equity $ 237,075 During January the company completed...
accounting majors please help! Problem 3A-4 Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system...
accounting majors please help!
Problem 3A-4 Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows $ 40, seg Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,109 6,380 22,65e 44,5 3,209 140, 5 227,758...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5] Morrison Company uses a job-order costing system to assign manufacturing...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5] Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 40,950 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $15,500 4,350 19,350 39,200 3,050 160,000 $ 243,200 $ 11,000 232,200 $ 243,200...
s Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance...
s
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 44,250 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 13,400 6,300 23,550 43,250 2,375 140,000 $ 229,875 $ 11,400 218,475 $ 229,875 During January the company...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows $ 37,350 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 17,200 7.300 31,500 56,000 2.900 187,000 $ 203,250 $ 14,700 188.55e $ 203,250 During January the company completed...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 42,000 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $13,600 7,450 18,000 39,050 2,150 105,000 $ 188,200 $ 16,900 171,300 $ 188, 200 During January the company completed...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 42,000 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 13,600 7,450 18,000 39, 050 2,150 105,000 $ 188, 200 $ 16,900...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 45,900 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 16,900 5,450 18,600 40,950 3,500 145,000 $ 235,350 $ 7,800 227,550 $ 235,350 During January the company completed...
1. Calculate the ending balances that would be reported on the
company's balance sheet on January 31st. (Hint: Be sure
to calculate the underapplied or overapplied overhead and then
account for its affect on the balance sheet.)
2. What is Morrison Company’s net operating income for the month
of January?
$ 36,900 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity...
accounting majors please help!
Problem 3A-4 Transaction Analysis (LO3-5) Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows $ 40, seg Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 15,109 6,380 22,65e 44,5 3,209 140, 5 227,758...
Problem 3A-4 (Algo) Transaction Analysis (LO3-5] Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 40,950 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $15,500 4,350 19,350 39,200 3,050 160,000 $ 243,200 $ 11,000 232,200 $ 243,200...
s
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: $ 44,250 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 13,400 6,300 23,550 43,250 2,375 140,000 $ 229,875 $ 11,400 218,475 $ 229,875 During January the company...
Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows $ 37,350 Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 17,200 7.300 31,500 56,000 2.900 187,000 $ 203,250 $ 14,700 188.55e $ 203,250 During January the company completed...
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