Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below. a. Raw materials purchased on account. $100,000. b. Raw materials used in production. $78.000 direct materials, and $15.000 indirect materials. c. Sales commissions paid in cash. $45.000. d. Depreciation was recorded for the month. $60.000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month $450.000 (70% cash sales and the remainder were sales on account). f. Factory utilities paid in cash. $12,000. g. Applied $138,000 of manufacturing overhead to production during the month. h. Various jobs costing a total of $190.000 were completed during the month and transferred to Finished Goods. 1. Cash receipts from customers who had previously purchased on credit, $115.000. j. Various completed jobs costing a total of $220,000 were sold to customers. k. Cash paid to raw material suppliers. $90.000. Required: The table shown below includes only one account from Dixon Company's balance sheet-Retained Earnings. For each of the above transactions, select "No" if it would not affect Retained Earnings. Conversely if the transaction would affect Retained Earnings, then record the amount of the increase or decrease) to this account under the "Yes" column. Retained Earnings Yes Transaction NO a. b. d. f. 9. h. i. j k Star Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. $ 91,200 109,400 Star Videos, Inc. Balance Sheet January 1 Assets Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Studio and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $12,800 51,600 86,600 150, 2ee 10,6ee 627.000 $ 988,400 $ 234,000 754,400 $ 988,400 Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The company's predetermined overhead rate for the year ($40 per camera-hour is based on a cost formula that estimated $280,000 in manufacturing overhead for an estimated allocation base of 7.000 camera-hours. Any underapplied or overapplied overhead is closed to cost of goods sold. The following transactions were recorded for the year a. Film.costumes, and similar raw materials purchased on account. $226,000. b. Film, costumes, and other raw materials issued to production, $232,500 (85% of this material was considered direct to the videos in production, and the other 15% was considered Indirect). c. Utility costs incurred (on account) In the production studio, $84,800. d. Depreciation recorded on the studio, cameras, and other equipment, $83.600. Three-fourths of this depreciation related to actual production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred on account). $145.000. Salarles and wages paid in cash as follows: Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $100,600 $ 93,eee $196,400 9. Prepaid Insurance expired during the year. $9.400 (70% related to production of videos, and 30% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred on account). $12,750 1. Studio (manufacturing) overhead was applied to videos in production. The company recorded 7.250 camera-hours of activity during the year J. Videos that cost $500,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to awalt sale and shipment k. Sales for the year totaled $1,080,000 and were all on account 1. The total cost to produce the videos that were sold according to their job cost sheets was $540,450. m. Collections from customers during the year totaled $1,030,000. n. Payments to suppliers on account during the year. $534.000. o. Underapplied or overapplied overhead S_? Required: 1. Prepare a transaction analysis that records all of the above transactions. Calculate the ending balances at December 31 for all 2. Prepare a schedule of cost of goods manufactured for the year. 3. Prepare a schedule of cost of goods sold for the year. balance sheet accounts 4 Prepare an Income statement for the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a transaction analysis that records all of the above transactions. Calculate the ending balances at December 31 for all balance sheet accounts. (Amounts to be deducted should be indicated by a minus sign.) Star Videos, Inc. Transaction Analysis For the Year Ended December 31 Videos in Finished Raw Materials Process Videos Cash Accounts Receivable Manufacturing Overhead Prepaid Studio & Accounts Retained Insurance Equipment = (net) Payable Earnings S 10,600 $ 627,000 = $ 234,000 $ 754.400 $ S 91,200 $ 109,400 $ 12,000 $ 51,600 $ 86,800 = Beginning balance 1/1 (a) Raw material purchases (b) Raw materials used (c) Utility costs (d) Depreciation charges (e) Advertising ( Salaries & wages (g) Prepaid insurance (n) Miscellaneous marketing (0) Applied overhead 0) Transfer completed videos to finished goods (k) Sales (0) Transfer finished goods to cost of goods sold (m) Cash collections from customers (n) Payment to suppliers (0) Ending balances @ 12/31 Complete this question by entering your answers in the tabs below. Required 1 Repaired 2 Required 3 Required 4 ......... Prepare a schedule of cost of goods manufactured for the year. Star Videos, Inc. Schedule of Cost of Goods Manufactured For the Year Ended December 31 Total manufacturing costs Cost of goods manufactured Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a schedule of cost of goods sold for the year. Star Videos, Inc. Schedule of Cost of Goods Sold For the Year Ended December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare an income statement for the year. Star Videos, Inc. Income Statement For the Year Ended December 31