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 | $ | 41,400 | |||
Raw materials | $ | 15,200 | |||
Work in process | 5,300 | ||||
Finished goods | 24,750 | 45,250 | |||
Prepaid expenses | 2,450 | ||||
Property, plant, and equipment (net) | 131,000 | ||||
Total assets | $ | 220,100 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | $ | 11,700 | |||
Retained earnings | 208,400 | ||||
Total liabilities and stockholders’ equity | $ | 220,100 | |||
During January the company completed the following transactions:
Required:
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?
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...
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 $ 34,800 Raw materials $ 11,900 Work in process 5,900 Finished goods 20,550 38,350 Prepaid expenses 2,750 Property, plant, and equipment (net) 137,000 Total assets $ 212,900 Liabilities and Stockholders’ Equity Accounts payable $ 10,400 Retained earnings 202,500 Total liabilities and stockholders’ equity $ 212,900 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: 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...
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 $ 40,650 Raw materials $ 11,600 Work in process 6,350 Finished goods 19,500 37,450 Prepaid expenses 2,300 Property, plant, and equipment (net) 141,000 Total assets $ 221,400 Liabilities and Stockholders’ Equity Accounts payable $ 8,400 Retained earnings 213,000 Total liabilities and stockholders’ equity $ 221,400 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: $ 37,350 $12,200 7.300 Morrison Company Balance Sheet January 1 Assets Cash Row 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 56.000 2.900 107.000 $ 200, 250 $ 14.700 During January the company completed the following transactions plovees...
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 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...
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: 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...
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...