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The following accounting events affected Walton Manufacturing Company during its first three years of operation. Assume that all transactions are cash transactions. Transactions for Year 1 1. Started manufacturing company by issuing common stock for $3,200 2. Purchased $1.290 of direct raw materials. 3. Used 5800 of direct raw materials to produce inventory 4. Paid $390 of direct labor wages to employees to make inventory 5. Applied $340 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $930, 7. Sold goods that cost $660 for $1,130. 8. Paid $380 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $217 for the year Transactions for Year 2 1. Acquired additional $1,100 of cash from common stock 2. Purchased $1,260 of direct raw materials 3. Used $1,230 of direct raw materials to produce Inventory 4. Paid $510 of direct labor wages to employees to make inventory. 5. Applied $280 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1,840 1 Transactions for Year 2 Oints 1. Acquired additional $1,100 of cash from common stock. 2. Purchased $1,260 of direct raw materials. 3. Used $1,230 of direct raw materials to produce inventory. 4. Paid $510 of direct labor wages to employees to make inventory. 5. Applied $280 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1,840. 7. Sold goods that cost $1,510 for $2,830. 8. Paid $450 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $340 for the year. eBook Print References Transactions for Year 3 1. Paid a cash dividend of $700. 2. Purchased $1,410 of direct raw materials 3. Used $1,180 of direct raw materials to produce inventory. 4. Paid $380 of direct labor wages to employees to make inventory. 5. Applied $330 of manufacturing overhead cost to work in process. 6. Finished work on inventory that cost $2,060. 7. Sold goods that cost $2,220 for $3.520. 8. Paid $610 for selling and administrative expenses. 9. Annual manufacturing overhead costs were $270 for the vean Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold Close appropriate accounts for Year 1. Year 2, and Year 3 in Year 1, the first event is shown as an example, b.&d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet as of the close of business on December 31, Year 1. Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 3 Horizontal Year 2 Horizontal Horizontal CGM Schedule Financial Sumts Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold first event is shown as an example. (Entor decreases to account balance with a minus dlgn. Year Hozzontal Equity Even No Cash Raw Materials Manufacturing Overhead Cont Work in Process Finished Goods Retaining Earnings Revenue Common Stoch $3.2001 Netcome 1 $ 3200 first event is shown as an example. (Enter decreases to account balances with a minus sign.) Year Horizontal Asses Equity Event No Cash Row Materinis Manufacturing Overhead Cost Work in Process Finished Goods Common Stock Retaining Earnings Revenue Expenses Net Income 1 $ 3.200+ + S 3.2001 2 3 4 5 6 7a 7 8 9 + + CE Total 3.2005 OS + 3 01$ O- s 3.200 $ D5 0- $ Year 2 Horizontal > Equity Evant No. Assets Manufacturing Overhead COSE Raw Material Cash Work The Process Finished Goods Common Stock Retaining Earnings Revenire Expenses Not Income B.B. 1 2. 3 4 5 6 76 8 + CL Total 5 $ 0 5 0 $ 0- $ 0 $ 05 0 $ $ O 5 Euty Event No Raw Materials Mantitatuting Cvechead Cost Work in Process Finished Goods Comnion Stock Retaining Earnings Revenue Etpension - Notlacom . 1 2 3 4 5 6 7a Yh 8 + 9 CL Total + $ 0+ 3 0 S $ 0 $ 5 05 0 - $ 0 $ Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Prepare a schedule of cost of goods manufactured and sold for Year 1, Year 2 and Year 3. WALTON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Schedule Year Year 2 Year 3 Raw materials available 0 0 0 Raw materials used 0 0 0 Total manufacturing costs 0 0 0 Total work in process inventory 0 0 0 Cost of goods manufactured 0 0 0 Cost of Goods Manufactured and Sold Schedule Year 1 Year 2 Year 3 Raw materials available 0 0 0 Raw materials used 0 0 0 Total manufacturing costs 0 0 0 Total work in process inventory 0 0 Cost of goods manufactured 0 0 0 Goods available for sale 0 0 0 Cost of goods sold 0$ 0$ 0 Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Prepare an income statement and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. WALTON MANUFACTURING COMPANY Financial Statements Year 1 Year 2 Income Statements Year 3 0 0 $ 0$ 0 $ 0 Balance Sheets Assets 0 $ 0$ 0 $ Balance Sheets Assets Total assets Equity $ 0 $ 0 $ 0 Total equity The following accounting events affected Walton Manufacturing Company during its first three years of operation. Assume that all transactions are cash transactions. Transactions for Year 1 1. Started manufacturing company by issuing common stock for $3,200 2. Purchased $1.290 of direct raw materials. 3. Used 5800 of direct raw materials to produce inventory 4. Paid $390 of direct labor wages to employees to make inventory 5. Applied $340 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $930, 7. Sold goods that cost $660 for $1,130. 8. Paid $380 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $217 for the year Transactions for Year 2 1. Acquired additional $1,100 of cash from common stock 2. Purchased $1,260 of direct raw materials 3. Used $1,230 of direct raw materials to produce Inventory 4. Paid $510 of direct labor wages to employees to make inventory. 5. Applied $280 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1,840 1 Transactions for Year 2 Oints 1. Acquired additional $1,100 of cash from common stock. 2. Purchased $1,260 of direct raw materials. 3. Used $1,230 of direct raw materials to produce inventory. 4. Paid $510 of direct labor wages to employees to make inventory. 5. Applied $280 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1,840. 7. Sold goods that cost $1,510 for $2,830. 8. Paid $450 for selling and administrative expenses. 9. Actual manufacturing overhead cost amounted to $340 for the year. eBook Print References Transactions for Year 3 1. Paid a cash dividend of $700. 2. Purchased $1,410 of direct raw materials 3. Used $1,180 of direct raw materials to produce inventory. 4. Paid $380 of direct labor wages to employees to make inventory. 5. Applied $330 of manufacturing overhead cost to work in process. 6. Finished work on inventory that cost $2,060. 7. Sold goods that cost $2,220 for $3.520. 8. Paid $610 for selling and administrative expenses. 9. Annual manufacturing overhead costs were $270 for the vean Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold Close appropriate accounts for Year 1. Year 2, and Year 3 in Year 1, the first event is shown as an example, b.&d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet as of the close of business on December 31, Year 1. Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 3 Horizontal Year 2 Horizontal Horizontal CGM Schedule Financial Sumts Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold first event is shown as an example. (Entor decreases to account balance with a minus dlgn. Year Hozzontal Equity Even No Cash Raw Materials Manufacturing Overhead Cont Work in Process Finished Goods Retaining Earnings Revenue Common Stoch $3.2001 Netcome 1 $ 3200 first event is shown as an example. (Enter decreases to account balances with a minus sign.) Year Horizontal Asses Equity Event No Cash Row Materinis Manufacturing Overhead Cost Work in Process Finished Goods Common Stock Retaining Earnings Revenue Expenses Net Income 1 $ 3.200+ + S 3.2001 2 3 4 5 6 7a 7 8 9 + + CE Total 3.2005 OS + 3 01$ O- s 3.200 $ D5 0- $ Year 2 Horizontal > Equity Evant No. Assets Manufacturing Overhead COSE Raw Material Cash Work The Process Finished Goods Common Stock Retaining Earnings Revenire Expenses Not Income B.B. 1 2. 3 4 5 6 76 8 + CL Total 5 $ 0 5 0 $ 0- $ 0 $ 05 0 $ $ O 5 Euty Event No Raw Materials Mantitatuting Cvechead Cost Work in Process Finished Goods Comnion Stock Retaining Earnings Revenue Etpension - Notlacom . 1 2 3 4 5 6 7a Yh 8 + 9 CL Total + $ 0+ 3 0 S $ 0 $ 5 05 0 - $ 0 $ Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Prepare a schedule of cost of goods manufactured and sold for Year 1, Year 2 and Year 3. WALTON MANUFACTURING COMPANY Cost of Goods Manufactured and Sold Schedule Year Year 2 Year 3 Raw materials available 0 0 0 Raw materials used 0 0 0 Total manufacturing costs 0 0 0 Total work in process inventory 0 0 0 Cost of goods manufactured 0 0 0 Cost of Goods Manufactured and Sold Schedule Year 1 Year 2 Year 3 Raw materials available 0 0 0 Raw materials used 0 0 0 Total manufacturing costs 0 0 0 Total work in process inventory 0 0 Cost of goods manufactured 0 0 0 Goods available for sale 0 0 0 Cost of goods sold 0$ 0$ 0 Year 1 Horizontal Year 2 Horizontal Year 3 Horizontal CGM Schedule Financial Stmts Prepare an income statement and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. WALTON MANUFACTURING COMPANY Financial Statements Year 1 Year 2 Income Statements Year 3 0 0 $ 0$ 0 $ 0 Balance Sheets Assets 0 $ 0$ 0 $ Balance Sheets Assets Total assets Equity $ 0 $ 0 $ 0 Total equity