Part 1)
The completed table is given as follows:
Assets | = | Equity | ||||||||||||||||
Event | Cash | + | MOH | + | Raw M. | + | WIP | + | F.Goods | = | C. Stk. | + | Ret. Ear. | Rev. | - | Exp. | = | Net Inc. |
Beg. Bal. | 200,000 | + | 0 | + | 4,000 | + | 6,000 | + | 7,000 | = | 129,000 | + | 88,000 | NA | - | NA | = | NA |
1 | -60,000 | + | + | 60,000 | + | + | = | + | - | = | ||||||||
2 | + | + | -50,000 | + | 50,000 | + | = | + | - | = | ||||||||
3 | -80,000 | + | + | + | 80,000 | + | = | + | - | = | ||||||||
4 | + | -53,000 | + | + | 53,000 | + | = | + | - | = | ||||||||
5 | + | + | + | -163,000 | + | 163,000 | = | + | - | = | ||||||||
6a | 182,000 | + | + | + | + | = | + | 182,000 | 182,000 | - | = | 182,000 | ||||||
6b | + | + | + | + | -143,000 | = | + | -143,000 | - | 143,000 | = | -143,000 | ||||||
7 | -20,000 | + | + | + | + | = | + | -20,000 | - | 20,000 | = | -20,000 | ||||||
8 | -55,000 | + | 55,000 | + | + | + | = | + | - | = | ||||||||
9 | + | -2,000 | + | + | + | = | + | -2,000 | - | 2,000 | = | -2,000 | ||||||
10 | -5,000 | + | + | + | + | = | + | -5,000 | - | = | ||||||||
Total | $162,000 | + | $0 | + | $14,000 | + | $26,000 | + | $27,000 | = | $129,000 | + | $100,000 | $182,000 | - | $165,000 | = | $17,000 |
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Part 2)
The schedule is prepared as below:
Schedule of Cost of Goods Manufactured and Sold | |
Beginning Raw Materials Inventory | 4,000 |
Add: Purchases | 60,000 |
Raw Materials Available for Use | 64,000 |
Less: Ending Raw Materials Inventory | -14,000 |
Direct Raw Materials Used | 50,000 |
Direct Labor | 80,000 |
Overhead (Actual) | 55,000 |
Total Manufacturing Costs | 185,000 |
Add: Beginning Work in Process Inventory | 6,000 |
Total Work in Process Inventory | 191,000 |
Less: Ending Work in Process Inventory | -26,000 |
Cost of Goods Manufactured | 165,000 |
Add: Beginning Finished Goods Inventory | 7,000 |
Cost of Goods Available for Sale | 172,000 |
Less: Ending Finished Goods Inventory | -27,000 |
Cost of Goods Sold | $145,000 |
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Part 3)
The income statement and balance sheet is given as follows:
Anywhere Inc. | |
Income Statement | |
For the Year Ended 2014 | |
Sales Revenue | 182,000 |
Less: Cost of Goods Sold | -145,000 |
Gross Margin | 37,000 |
Less: Selling and Administrative Expenses | -20,000 |
Net Income | $17,000 |
____
Anywhere Inc. | |
Balance Sheet | |
December 31, 2014 | |
Assets: | |
Cash | 162,000 |
Raw Materials Inventory | 14,000 |
Work in Process Inventory | 26,000 |
Finished Goods Inventory | 27,000 |
Total Assets | $229,000 |
Stockholder's Equity: | |
Common Stock | 129,000 |
Retained Earnings | 100,000 |
Total Stockholder's Equity | $229,000 |
PREHENSIVE PROBLEM Modems, dem that ca n 0.000 cash for direct raw material od 50,000 of direct production employee...