Question: Already completed requirment A. need some help with B and Cs Prepare an income statement. Prepare a balance sheet. Prepare a schedule of cost of




Prepare an income statement. Prepare a balance sheet. Prepare a schedule of cost of goods manufactured and sold. For Anywhere, Inc., record the events in a financlal statements model. The first event is shown as an example. (Enter decreases to account balances with a minus sign. 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 subsictiary. The subsidiary completed the following transactions during Year 2. 1. Paid $62,330 cash for direct row moterials. 2. Transferred $51,950 of direct raw materials to work in process. 3. Paid production employees $83,120 cash. 4. Applied $55,040 of manufacturing overhead costs to work in process. 5. Completed work on products that dost $169,260 6. Sold products that cost $148,490 for $189,000 cash. Record the recognition of revenue in a row tabeled 6a and the cost of goods sold in a raw labeled 6b. 7. Paid $20,760 cash for selling and administrative expenses. B. Actual overhead costs paid in cash amounted to $57060. 9. Closed the Manufacturing Overfead account. The amount of over-or underapplied overhead was insignificant (immaterial) 10. Made a $5,150 cash distribution to the owners. Required a. For Anywhere, Inc., fecord 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 batance sheet Complete this question by entering your answers in the tabs below
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
