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Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 12 through 23 pertain to February through December of the first year. 12. NFC acquired an additional $40,000 by issuing common stock. 13. Purchased $12,500 of direct raw materials 14. Used $11,600 of direct raw materials. 15. Paid direct labor production workers 88 per hour for 1,310 hours of work. 16. Applied the appropriate amount of overhead cost to work in process inventory 17. Purchased $500 of production supplies. 18. Paid S8,900 for rental of manufacturing facility and equipment 19. The company transferred 5.200 additional frames that cost $5 each from work in process to finished goods. 20. Sold 4,900 frames at a price of $9 cach. 21. Paid $5,600 for general, selling, and administrative expenses 22. There was $150 of production supplies on hand at the end of the year. 23. Determine whether overhead is over- or underapplied. Close the manufacturing overhead account to cost of goods sold expense) In the Chapter 4 Homework Problem Excel workbook: A. Records these events in the transactions analysis model on the TA Tab B. Prepare journal entries for each transaction on the JE Tab C. Prepare a schedule of cost of goods manufactured and sold in the CGM-CGS Tab D. Prepare an income statement and a balance sheet for NFC's first year of operation in the FS Tab Au Lab Stories Incest Cash Prol Suppl DM Iny. WIP law FG Inv. C MONI CTRL Hea Stock Expenses - Net Income Retained Farnings 1.510 4.520 160 300 1.15 SO 12 13 15 16 17 EN 19 30 21 23 23 FR 4520 160 300 3 1.150 1.510 NE Chapter 4 Homework Problem Journal Entries Transaction Debit Credit 12 Amount 13 14 15 16 17 S 18 S 19 20 S S 21 22 23 Chapter 4 Homework Problem Statements of Cost of Goods Manufactured and cost of Goods Sold Nelson Frame Company Cost of Goods Manufactured and Sold For the First Year of Operation Beginning Direct Materials Inventory Direct Materials Purchases Direct Materials Available Ending Direct Materials Inventory Raw Materials Used Direct Labor 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 Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold Chapter 4 Homework Problem Financial Statement Nelson Frame Company Income Statement For the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin General, Selling, and Administrative Expense Net Income Nelson Frame Company Blance Sheet As of December 31, Year 1 ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets EQUITY Common Stock Retained Earnings Total Equity Note: No liabilities in the exercise Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 12 through 23 pertain to February through December of the first year 12. NFC acquired an additional S40,000 by issuing common stock. 13. Purchased $12,500 of direct raw materials 14. Used $11,600 of direct raw materials 15. Paid direct labor production workers S8 per hour for 1,310 hours of work. 16. Applied the appropriate amount of overhead cost to work in process inventory 17 Purchased $500 of production supplies 18. Paid $8,900 for rental of manufacturing facility and equipment 19. The company transferred 5,200 additional frames that cost S5 each from work in process to finished goods, 20. Sold 4,900 frames at a price of S9 each. 21. Paid 55,600 for general, selling, and administrative expenses 22. There was $150 of production supplies on hand at the end of the year. 23. Determine whether overhead is over- or underapplied. Close the manufacturing overhead account to cost of goods sold (an expense) In the Chapter 4 Homework Problem Excel workbook: A. Records these events in the transactions analysis model on the TA Tab B. Prepare journal entries for each transaction on the JE Tab C. Prepare a schedule of cost of goods manufactured and sold in the CGM-CGS Tab D. Prepare an income statement and a balance sheet for NFC's first year of operation in the FS Tab A Inc Prod Suppl. DM Inv. WIP law VG FG Inv MOH CIRI Commen Stock Retained Earnings Rere Expenses Net Income Amount 2010 30 S000 1,500 14 13 16 11 IN 19 20 22 1.530 160 LIS 1.510 IN Chapter 4 Homework Problem Journal Entries Transaction Debit Credit 12 Amount 13 14 S 15 16 17 18 19 20 21 22 23 Chapter 4 Homework Problem Statements of Cost of Goods Manufactured and cost of Goods Sold Nelson Frame Company Cost of Goods Manufactured and Sold For the First Year of Operation Beginning Direct Materials Inventory Direct Materials Purchases Direct Materials Available Ending Direct Materials Inventory Raw Materials Used Direct Labor 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 Goods Available for Sale Ending Finished Goods Inventory Adjustment to close MOH Control Cost of Goods Sold Chapter 4 Homework Problem Financial Statement Nelson Frame Company Income Statement For the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin General, Selling, and Administrative Expense Net Income Nelson Frame Company Blance Sheet As of December 31, Year 1 ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets EQUITY Common Stock Retained Earnings Total Equity Note: No liabilities in the exercise Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 12 through 23 pertain to February through December of the first year. 12. NFC acquired an additional $40,000 by issuing common stock. 13. Purchased $12,500 of direct raw materials 14. Used $11,600 of direct raw materials. 15. Paid direct labor production workers 88 per hour for 1,310 hours of work. 16. Applied the appropriate amount of overhead cost to work in process inventory 17. Purchased $500 of production supplies. 18. Paid S8,900 for rental of manufacturing facility and equipment 19. The company transferred 5.200 additional frames that cost $5 each from work in process to finished goods. 20. Sold 4,900 frames at a price of $9 cach. 21. Paid $5,600 for general, selling, and administrative expenses 22. There was $150 of production supplies on hand at the end of the year. 23. Determine whether overhead is over- or underapplied. Close the manufacturing overhead account to cost of goods sold expense) In the Chapter 4 Homework Problem Excel workbook: A. Records these events in the transactions analysis model on the TA Tab B. Prepare journal entries for each transaction on the JE Tab C. Prepare a schedule of cost of goods manufactured and sold in the CGM-CGS Tab D. Prepare an income statement and a balance sheet for NFC's first year of operation in the FS Tab Au Lab Stories Incest Cash Prol Suppl DM Iny. WIP law FG Inv. C MONI CTRL Hea Stock Expenses - Net Income Retained Farnings 1.510 4.520 160 300 1.15 SO 12 13 15 16 17 EN 19 30 21 23 23 FR 4520 160 300 3 1.150 1.510 NE Chapter 4 Homework Problem Journal Entries Transaction Debit Credit 12 Amount 13 14 15 16 17 S 18 S 19 20 S S 21 22 23 Chapter 4 Homework Problem Statements of Cost of Goods Manufactured and cost of Goods Sold Nelson Frame Company Cost of Goods Manufactured and Sold For the First Year of Operation Beginning Direct Materials Inventory Direct Materials Purchases Direct Materials Available Ending Direct Materials Inventory Raw Materials Used Direct Labor 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 Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold Chapter 4 Homework Problem Financial Statement Nelson Frame Company Income Statement For the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin General, Selling, and Administrative Expense Net Income Nelson Frame Company Blance Sheet As of December 31, Year 1 ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets EQUITY Common Stock Retained Earnings Total Equity Note: No liabilities in the exercise Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first month of operation follows. Assume all transactions are cash transactions unless otherwise stated. Events 12 through 23 pertain to February through December of the first year 12. NFC acquired an additional S40,000 by issuing common stock. 13. Purchased $12,500 of direct raw materials 14. Used $11,600 of direct raw materials 15. Paid direct labor production workers S8 per hour for 1,310 hours of work. 16. Applied the appropriate amount of overhead cost to work in process inventory 17 Purchased $500 of production supplies 18. Paid $8,900 for rental of manufacturing facility and equipment 19. The company transferred 5,200 additional frames that cost S5 each from work in process to finished goods, 20. Sold 4,900 frames at a price of S9 each. 21. Paid 55,600 for general, selling, and administrative expenses 22. There was $150 of production supplies on hand at the end of the year. 23. Determine whether overhead is over- or underapplied. Close the manufacturing overhead account to cost of goods sold (an expense) In the Chapter 4 Homework Problem Excel workbook: A. Records these events in the transactions analysis model on the TA Tab B. Prepare journal entries for each transaction on the JE Tab C. Prepare a schedule of cost of goods manufactured and sold in the CGM-CGS Tab D. Prepare an income statement and a balance sheet for NFC's first year of operation in the FS Tab A Inc Prod Suppl. DM Inv. WIP law VG FG Inv MOH CIRI Commen Stock Retained Earnings Rere Expenses Net Income Amount 2010 30 S000 1,500 14 13 16 11 IN 19 20 22 1.530 160 LIS 1.510 IN Chapter 4 Homework Problem Journal Entries Transaction Debit Credit 12 Amount 13 14 S 15 16 17 18 19 20 21 22 23 Chapter 4 Homework Problem Statements of Cost of Goods Manufactured and cost of Goods Sold Nelson Frame Company Cost of Goods Manufactured and Sold For the First Year of Operation Beginning Direct Materials Inventory Direct Materials Purchases Direct Materials Available Ending Direct Materials Inventory Raw Materials Used Direct Labor 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 Goods Available for Sale Ending Finished Goods Inventory Adjustment to close MOH Control Cost of Goods Sold Chapter 4 Homework Problem Financial Statement Nelson Frame Company Income Statement For the First Year of Operation Sales Revenue Cost of Goods Sold Gross Margin General, Selling, and Administrative Expense Net Income Nelson Frame Company Blance Sheet As of December 31, Year 1 ASSETS Cash Production Supplies Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Total Assets EQUITY Common Stock Retained Earnings Total Equity Note: No liabilities in the exercise