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Category > Accounting Posted 07 Jun 2017 My Price 7.00

Recording events in T-accounts and preparing financial statements

Recording events in T-accounts and preparing financial statements

Hinnop Manufacturing Company was started on January 1, 2012, when it acquired $1,500 cash by issuing common stock. During its first year of operation, it purchased $480 of direct raw materials with cash and used $360 of the materials to make products. Hinnop paid $640 of direct labor costs in cash. The company applied $464 of overhead costs to Work in Process Inventory. It made cash payments of $464 for actual overhead costs. The company completed products that cost $1,040 to make. It sold goods that had cost $824 to make for $1,360 cash. It paid $320 of selling and administrative expenses in cash.

Required

  1. Open the necessary T-accounts and record the 2012 events in the accounts. Include closing entries.

  2. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet.

 

 

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 07 Jun 2017 07:06 AM My Price 7.00

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Attachments

file 1496822404-1243818_1_636323430349514417_T-accounts-and-Financial-statements.xlsx preview (341 words )
12-----------438-----------18&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------340-----------102-----------Rec-----------ord-----------ing----------- ev-----------ent-----------s i-----------n T------------ac-----------cou-----------nts----------- an-----------d p-----------rep-----------ari-----------ng -----------fin-----------anc-----------ial----------- s-----------tat-----------eme-----------nts-----------Hin-----------nop----------- Ma-----------nuf-----------act-----------uri-----------ng -----------Com-----------pan-----------y w-----------as -----------sta-----------rte-----------d o-----------n J-----------anu-----------ary----------- 1,----------- 20-----------12,----------- wh-----------en -----------it -----------acq-----------uir-----------ed -----------$1,-----------500----------- ca-----------sh -----------by -----------iss-----------uin-----------g c-----------omm-----------on -----------sto-----------ck.----------- Du-----------rin-----------g i-----------ts -----------fir-----------st -----------yea-----------r o-----------f o-----------per-----------ati-----------on,----------- it----------- pu-----------rch-----------ase-----------d $-----------480----------- of----------- di-----------rec-----------t r-----------aw -----------mat-----------eri-----------als----------- wi-----------th -----------cas-----------h a-----------nd -----------use-----------d $-----------360----------- of----------- th-----------e m-----------ate-----------ria-----------ls -----------to -----------mak-----------e p-----------rod-----------uct-----------s. -----------Hin-----------nop----------- pa-----------id -----------$64-----------0 o-----------f d-----------ire-----------ct -----------lab-----------or -----------cos-----------ts -----------in -----------cas-----------h. -----------The----------- co-----------mpa-----------ny -----------app-----------lie-----------d $-----------464----------- of----------- ov-----------erh-----------ead-----------
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