The following accounting events affected Thornton 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 53.800 2. Purchased $1260 oferect raw materials 3. Used 5770 of direct raw materials to produce inventory 4. Paid $320 of direct tabor wages to employees to make inventory 5. Applied $330 of manufacturing overhead cost to Work in Process Inventory 6. Finished work on inventory that cost $1000 7. Sold goods that cost $690 for $1190 8. Poid 5310 for selling and administrative expenses 9. Actual manufacturing overhead cost amounted to 52 for the year Transactions for Year 2 1. Acquired additional $1400 of cash from common stock 2. Purchased 100 of duct raw materials 3. Used 51,300 of direct raw material to produce inventory 4. Paid $550 of direct labor wages to employees to make inventory 5. Applied $300 of manufacturing overed cost to Work in Process inventory 6. Finished work on vetory that cout $100 7. Sold goods that cost $1510 for $2.820 3. Paid $40 for selling and administrative expenses 9. Actual manufacturing overed cost amounted to 5350 for me you Transactions for Your 1. Pada cat dividend of $200 2. Purchased $1.490 of direct raw material 3. Uced $1370 of direct raw materials to produce inventory 4. Paid 5400 of direct labor wages to employees to make inventory 5. Apped $320 of manufacturing overhead cost to work in process 6. Finished work on inventory that CS2040 7. Sold goods that cost $2 330 for 53580 B. Paid $710 for selling and administrative expenses 9. Annual manufacturing overhead costs were 5270 for the year 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 nd Year 3. Complete this question by entering your answers in the tabs below. Year! Horizontal Year 2 Horizontal Year Horizontal CIM Schedule Financial Simts 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 first event is shown as an example. (Enter decreases to account balances with a minus sign.) Year 3 Horizontal Equity Event No. Cash Raw Materials Manufacturing Overhead Cosi Work in Pro Finished Goods Retaining Earning Revenue Expenses Net Income Common Stack 5 3.800 1 $ 3,800 (1.260 1260 2 3 (770) 7701 1 4 (320) (330) 320 330 (1.000) 5 5 7a Tb 1,000 1,1901 1 190 (690) + 1.190 903 (310) 6901 1.100 (590) 10) (3101 310 9 (214 - +1 CL Total 214 116 05 2.8865 4905 420 S 310 53.810S 116 306 51190S (116) 884 116 306 5 Year 2 Horizontal > Required 0.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 nd 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 2 Complete this question by entering your answers in the tabs below. Year Year 2 Years Horizontal Finandal Horizontal Horizontal OGM Schedule Record the preceding events in horontal statements models for each of the three years, Close Overapplied or underapplied overhead to cost of Goods sold. Close appropriate accounts for Year Year 1, the first event is shown as an example (Enter decreases to account balance with a minus son Evet No Cash Net inte Raw Materials $ 490 Manufacturing Ovrhad Cont ol Work in Process 5 20 Goods 5 310 Common Stock $ 3.000 52.886 306 BB 1 2 3 1 5 To 5 CL Total 5 2.5065 00S 110 530005 3061 Year 1 Hortel Year 3 Hostel Required o.c&d. Record the preceding events in horizontal statements models for each of the three years Clove ove applied or under applied overhead to cost of Goods Sold Close appropriate accounts for Year 1 Year 2 and Year in Yearthe 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 sheets of the dose of business on December 31 Year 1 Year 2 nd Year 3 Complete this question by entering your answers in the tabs below. Year Year Yeals Horizontal Hotel CGM Schedule acord the preceding events in horteomal statements models for each of the three years, Clone everapplied or under applied overhead to Cost of Goode solicie propriate accounts for your Year 1, the first event is shown as an example Entrate to be with a mini Assis Manufacturing Owl Event Wor Tinished Sen Meral Stock 1 700 400 2 3 0.1 11.10 1.170 100 4 0400 10 5 8 9 CL - 30.5 To 2015 01201 Complete this question by entering your answers in the tabs below. Finandal You ! Horizontal Year 2 Horizontal Year Horizontal CGM Schedule Prepare a schedule of cost of goods manufactured and sold for Year 1 Year 2 and Yar Year D 0 0 THORNTON MANUFACTURING COMPANY Cost of Goods Mandatural and Sold Schedule Year 1 Year Begring raw materials inventory Purchases Raw materiaalia 0 Ending raw materials entory Raw materials used Labor Manufacturing overhead tamang eging work in prostory Total work in process story 0 Ending work pracowany Cost of goods and 0 Gewing Seahod od inventory Goods available for sale food inventory Cost of goods sold 0 0 0 0 0 0 05 Complete this question by entering your answers in the tabs below. Year Hora Finance Year 2 Horizontal Year Horizontal Schedule Prepare an income statement and a balance sheets of the case of business on December 31 Year 1 Year 2 nd Year Year THORNTON MANUFACTURING COMANY Financial Stress Year Slam Seven Cost of Gros margin 9 Bring and attittatharan Natcom 5 05 0 Balance Sheet A Work in sy Fried to OS 0 Total Equity Heading Connons Total Os Complete this question by entering your amwers in the tabs below. Year 1 Year Vera Financial Horizontal Morontal Coche Record the preceding events in horizontal station models for each of the travers Close vedeapped overhead scoot of Good Sid. Clone propriate co uwa, war 1, the first event is shown as an example (inter der to contact with a wine) Equity Manulat Comme Cash Haw Materials RA Watcom Na listed Proces 1.2018 110 Retai Earnings 005 S 3 19 ole 1 3 4 5 7 9 Toll 2016 2015 SMS 300 (Year 1 Horizontal Yaara Hernal) Complete this question by entering your answers in the below Yeart Year 2 Year Maria COM Struts Hecord the preceding wat in het statements modus oth of the three years or pleder unteruppled wat tot die War the lost event is shown is an example or decreto count balance with a sin Le No. Raw O W Process Con SA Net Income Ennings 58 1 2 3 (1.490 1 290 - 1.120 1100 1 ADD 320 320 712 SO (2018 1803 Complete this question by entering your answers in the tabs below. K Year 1 Year 2 Year 3 Financial Horizontal Horizontal CGM Schedule Horizontal 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. THORNTON MANUFACTURING COMPANY Financial Statements Year 1 Year 2 Year 3 Income Statements Sales revenue Cost of goods sold Gross margin 0 0 0 Selling and administrative expense Net Income $ 0 $ 0 $ 0 ces Balance Sheets Assets Cash Raw materials inventory Work in process Inventory Finished goods inventory $ 0 $ 0 $ 0 Total assets Equity Retained earnings Common stock Total equity $ 0 $ 0 $ 0 (CGM Schedule FELS