Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do for years 2014 and 2015. Just the horizontal statement model Transactions for 2014 1. Acquired additional $1,100 of cash from common stock. 2.

image text in transcribed
image text in transcribedPlease do for years 2014 and 2015. Just the horizontal statement model
Transactions for 2014 1. Acquired additional $1,100 of cash from common stock. 2. Purchased $1,250 of direct raw 3. Used $1,210 of direct raw materials to produce inventory 4. Paid $580 of direct labor wages to employees to make inventory 5. Applied $300 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1,870 7. Sold goods that cost $1,520 for $2,850 8. Paid $420 for selling and administrative expenses, for the year. 9. Actual manufacturing overhead cost amounted to $330 Transactions for 2015 1, Paid a cash dividend of $700 2. Purchased $1,490 of direct raw materials inventory 3. Used $1.150 of direct raw materials produce make inventory 4. Paid $430 of direct labor wages employees to process. Applied $330 of overhead to workin 6. Finished work on inventory that $2,040 7. Sold goods that cost $2,240 for $3,520 8. Paid $660 for selling and administrative expenses 9. Annual manufacturing overhead costs were $240 for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Trust And Governance Developing Regulation In Europe

Authors: Reiner Quick, Stuart Turley, Marleen Willekens

1st Edition

0415448905, 9780415448901

More Books

Students also viewed these Accounting questions