Requireda. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.Balance SheetIncome StatementAssetsEquityRawF.C.Cash+M.+ МОН + WIP +GoodsStk.+ Ret. Ear.Rev.Exp. = Net Inc.60,000 +NA+NA+NANA60,000 +NANANANAb. Reconcile all subsidiary accounts with their respective control accounts.c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assumingthat the amount is insignificant.d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. CHECK FIGUREd. COGM: $29,700 NI: $6,300Problem 12-13A Job-order costing systemLehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of rawmaterials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unlessotherwise indicated.)Page 568Direct Raw Materials Used Direct LaborJob 1$ 2,800$ 6,000Job 24,0008,000Job 36,0004,000Total$12,800$18,000Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completedduring the period and Job 3 was sold for $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actualfactory overhead was $11,300.

Name: Requireda. Record the preceding events in a horizontal statements mod
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Description: Requireda. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.Balance SheetIncome StatementAssetsEquityRawF.C.Cash+M.+ МОН + WIP +GoodsStk.+ Ret. Ear.Rev.Exp. = Net Inc.60,000 +NA

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Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity %3D Raw F. С. Cash + М. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA + NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. Balance Sheet Income Statement Assets Equity %3D Raw F. С. Cash + М. + МОН + WIP + Goods Stk. + Ret. Ear. Rev. Exp. = Net Inc. 60,000 + NA + NA + NA + NA 60,000 + NA NA NA NA b. Reconcile all subsidiary accounts with their respective control accounts. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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