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please help me fill out the balance sheet! Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of
please help me fill out the balance sheet!
Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Job Job 2 Job 3 Total Direct Rav Materials Used $1,300 2,300 3,200 $6,800 Direct Labor $2,200 3,900 1,900 $8,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5,200. Required Str Req Sched Req A and C Prepare a balance sheet for Year 1. MUNOZ MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Total assets $ 0 Equity Total equity $ 0 Step by Step Solution
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