Question
1. The subsidiary completed the following transactions during 2017: Paid $61,450 cash for direct raw materials. Transferred $51,210 of direct raw materials to work in
1. The subsidiary completed the following transactions during 2017:
Paid $61,450 cash for direct raw materials.
Transferred $51,210 of direct raw materials to work in process.
Paid production employees $81,940 cash.
Applied $54,290 of manufacturing overhead costs to work in process.
Completed work on products that cost $166,970.
Sold products that cost $146,480 for $186,430 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b.
Paid $20,490 cash for selling and administrative expenses.
Actual overhead costs paid in cash amounted to $56,350.
Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial).
Made a $5,120 cash distribution to the owners.
A) For Anywhere, Inc., record the events in a horizontal statements model. The first event is shown as an example.
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Trust Me Im Almost An Auditor
Authors: Lily Hazelwood
1st Edition
1791960405, 978-1791960407
