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Save & Exit Submit Check my work Walton Modems, Inc. acquired a subsidiary named Anywhere, Inc. (Al). Al manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary. Cash $193, 200 Raw materials inventory 3 , 850 Work in process inventory 5 , 790 Finished goods inventory 6 , 750 Common stock $124, 610 Retained earnings 84 , 980 Totals $209 , 590 $209, 590 The subsidiary completed the following transactions during Year 2. 1. Paid $57,960 cash for direct raw materials. 2. Transferred $48,310 of direct raw materials to work in process. 3. Paid production employees $77,300 cash. 4. Applied $51,190 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $157,420. 6. Sold products that cost $138,100 for $175,780 cash. Record the recognition of fevenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,310 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $53,070. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). 10. Made a $4,790 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. education.com% 252Fmghmiddlewar... e 3 Comprehensive Problem i Saved Help Save & Exit Submit Check my work a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B Req C Inc Req C Bal Stmt Sheet ook For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.) Balance Sheet Income Statement rences Assets = Equity Revenue - Expense = Net Income Event Manufacturing + Raw Work in Common Retained No. Cash Finished Overhead Materials Process Goods Stock Earnings Beg. Bal. $ 193,200 + + $ 3,850 + $ 5,790 + $ 6,750 = $ 124,610 + $ 84,980 1. (59,460) + 2. + 3 . 4 . + 5 . + + 6a. 6b + + +++++ + 7 . + + 8 . + + + + 11 11 11 9 . + + + 11 1 11 1I 10 . + Total $ 133,740 + $ 0 + $ 3,850 + $ 5,790 + $ 6,750 = $ 124,610 + $ 84,980 $ 0 - $ 0 = $ Req B > raw Help Sa 2 Complete this question by entering your answers in the tabs below. Req A Req B Req C Inc Req C Bal Stmt Sheet Prepare a schedule of cost of goods manufactured and sold. ANYWHERE, INC. Schedule of Cost of Goods Manufactured and Sold Book For Year Ended December, 31 Year 2 Beginning raw materials inventory erences Purchases Raw materials available for use Ending raw materials inventory Direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Total work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Ending finished goods inventory Cost of goods sold $ 0 C raw ill4. Applied $51,190 of manufacturing overhead costs to work in process. 5. Completed work on products that cost $157,420. 6. Sold products that cost $138,100 for $175,780 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b. 7. Paid $19,310 cash for selling and administrative expenses. 8. Actual overhead costs paid in cash amounted to $53,070. 9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial). 10. Made a $4,790 cash distribution to the owners. Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Req C Bal Reg A Reg B Req C Inc Stmt Sheet Prepare an income statement. ANYWHERE, INC. Income Statement For Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Net income $ 0 Required a. For Anywhere, Inc., record the events in a financial statements model. The first event is shown as an example. b. Prepare a schedule of cost of goods manufactured and sold. c. Prepare an income statement and a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B Req C Inc Req C Bal Stmt Sheet Prepare a balance sheet. ces ANYWHERE, INC. Balance Sheet December 31, Year 2 Assets Cash Finished goods inventory Work in process inventory Raw materials inventory Cash Total assets $ Stockholders' equity Common stock Retained earnings Work in process inventory Total stockholders' equity $