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:
Morrison Company | |||||
Balance Sheet | |||||
January 1 | |||||
Assets | |||||
Cash | $ | 37,350 | |||
Raw materials | $ | 17,200 | |||
Work in process | 7,300 | ||||
Finished goods | 31,500 | 56,000 | |||
Prepaid expenses | 2,900 | ||||
Property, plant, and equipment (net) | 107,000 | ||||
Total assets | $ | 203,250 | |||
Liabilities and Stockholders’ Equity | |||||
Accounts payable | $ | 14,700 | |||
Retained earnings | 188,550 | ||||
Total liabilities and stockholders’ equity | $ | 203,250 | |||
During January the company completed the following transactions:
The answer has been presented in the supporting sheet. All the parts has has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
Problem 3A-4 Transaction Analysis [LO3-5] Morrison Company uses a job-order costing system to assign manufacturing costs...
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: $ 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...
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...
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: 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 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...
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 $ 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: 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 $ 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...