needing to help with the incorrect red x's on statement in picture attached
mouse.com Ear... UTTYLER 1 UT TYLER Problems Saved Adams Manufacturing Corporation was started with the issuance of common stock for $55,000. It purchased $7,500 of raw materials and worked on three job orders during Year for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Job 1 Job 2 Job 3 Total Direct Raw Materials Used Direct Labor $1,000 $1,800 2,300 4,000 3300 2,100 $6,6ee $ 7,900 Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar Jobs 2 and 3 were completed during the period and Job 3 was sold for $10.770 cash Adams paid $300 for selling and administrative expenses. Actual factory overhead was $5,930 Required a. Record the preceding events in a horizontal statements model The first event for Year 1 has been recorded as an example. 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. Complete this question by entering your answers in the tabs below. Reg A and C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately Enter costs of each job individu with a minus sign.) Assets Cash Equity Manufacturing Overhead Raw Material Work its Process Finished Goods 55 000 Cornon Stock 55.000 nts + (7.500) + 7500 O 4 0 OV (1.000) 1.000 sis 0 (1.800) I+ 0 DOS OS 1.800 0 0 (1.260) 0 1260 + 0 0 (9 100) 9 100 10.770 + SOSIO STOTIS 0 0 0 0 0 0 0 (6.870 0 0 0 (300) 0 + 0 0 % 0 + 400) + O 0 + 0 X 0 0 0 0 0 X O 0 + 0 0 x 0 0 X 02 0 0 0 0+ 0 0 X 0X + 16 0 5,930 0 (5.930) OM 0 + O O 0 X O OX 014 50 240 + 4270 + 6.500 15.040) 2230 55,000 Reg D CGM Sch Pre mouse.com Ear... UTTYLER 1 UT TYLER Problems Saved Adams Manufacturing Corporation was started with the issuance of common stock for $55,000. It purchased $7,500 of raw materials and worked on three job orders during Year for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Job 1 Job 2 Job 3 Total Direct Raw Materials Used Direct Labor $1,000 $1,800 2,300 4,000 3300 2,100 $6,6ee $ 7,900 Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar Jobs 2 and 3 were completed during the period and Job 3 was sold for $10.770 cash Adams paid $300 for selling and administrative expenses. Actual factory overhead was $5,930 Required a. Record the preceding events in a horizontal statements model The first event for Year 1 has been recorded as an example. 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. Complete this question by entering your answers in the tabs below. Reg A and C Reg D CGM Sched Reg D Inc Stmt Reg D Bal Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the amount is insignificant. The first event for Year 1 has been recorded as an example. (Record each item separately Enter costs of each job individu with a minus sign.) Assets Cash Equity Manufacturing Overhead Raw Material Work its Process Finished Goods 55 000 Cornon Stock 55.000 nts + (7.500) + 7500 O 4 0 OV (1.000) 1.000 sis 0 (1.800) I+ 0 DOS OS 1.800 0 0 (1.260) 0 1260 + 0 0 (9 100) 9 100 10.770 + SOSIO STOTIS 0 0 0 0 0 0 0 (6.870 0 0 0 (300) 0 + 0 0 % 0 + 400) + O 0 + 0 X 0 0 0 0 0 X O 0 + 0 0 x 0 0 X 02 0 0 0 0+ 0 0 X 0X + 16 0 5,930 0 (5.930) OM 0 + O O 0 X O OX 014 50 240 + 4270 + 6.500 15.040) 2230 55,000 Reg D CGM Sch Pre
