Thornton Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). AI 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	$	198,200
Raw materials inventory		3,950
Work in process inventory		5,940
Finished goods inventory		6,930
Common stock					$	127,830
Retained earnings						87,190
Totals	$	215,020			$	215,020

The subsidiary completed the following transactions during 2017:

Paid $59,460 cash for direct raw materials.

Transferred $49,560 of direct raw materials to work in process.

Paid production employees $79,300 cash.

Applied $52,510 of manufacturing overhead costs to work in process.

Completed work on products that cost $161,480.

Sold products that cost $141,660 for $180,310 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b.

Paid $19,810 cash for selling and administrative expenses.

Actual overhead costs paid in cash amounted to $54,450.

Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial).

Made a $4,920 cash distribution to the owners.

Required

For Anywhere, Inc., record the events in a horizontal statements model. The first event is shown as an example.

Prepare a schedule of cost of goods manufactured and sold.

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 Stmt

Req C Bal Sheet

For Anywhere, Inc., record the events in a horizontal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign.)

Balance Sheet

Income Statement

Assets

=

Equity

Revenue

Expense

=

Net Income

Event No.

Cash

+

Manufacturing Overhead

+

Raw Materials

+

Work in Process

+

Finished Goods

=

Common Stock

+

Retained Earnings

Beg. Bal.

$198,200

+

+

$3,950

+

$5,940

+

$6,930

=

$127,830

+

$87,190

=

1.

+

+

+

+

=

+

=

2.

+

+

+

+

=

+

=

3.

+

+

+

+

=

+

=

4.

+

+

+

+

=

+

=

5.

+

+

+

+

=

+

=

6a.

+

+

+

+

=

+

=

6b.

+

+

+

+

=

+

=

7.

+

+

+

+

=

+

=

8.

+

+

+

+

=

+

=

9.

+

+

+

+

=

+

=

10.

+

+

+

+

=

+

=

Total

+

+

+

+

=

+

=

Req A

Req B

Prepare a schedule of cost of goods manufactured and sold.

ANYWHERE, INC.
Schedule of Cost of Goods Manufactured and Sold
For Year Ended December, 31 2017
Raw materials available for use
Direct raw materials used
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Cost of goods available for sale
Cost of goods sold

Complete this question by entering your answers in the tabs below.

Req A

Req B

Req C Inc Stmt

Req C Bal Sheet

Prepare an income statement.

ANYWHERE, INC.
Income Statement
For Year Ended December 31, 2017

Req B

Complete this question by entering your answers in the tabs below.

Req A

Req B

Req C Inc Stmt

Req C Bal Sheet

Prepare a balance sheet.

ANYWHERE, INC.
Balance Sheet
December 31, 2017
Assets
Total assets
Stockholders' equity
Total stockholders' equity