70.2K

Verified Solution

Link Copied!

Franklin Manufacturing corporation was started with the issuance of $75,000 in common stock

Req D Bal Sheet

Check my work Franklin Manufacturing Corporation was started with the issuance of common stock for $75,000. It purchased $7,100 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Direct Materials Used Labor Job 1 $ 900 $2,000 Job 2 1,800 3,800 3,300 2,000 Total $6,000 $7,800 Job 3 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,200 cash. Franklin paid $400 for selling and administrative expenses. Actual factory overhead was $5,080 Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year Complete this question by entering your answers in the tabs below. Reg D CGM Reg D Inc Reg A and C Reg D Bal Sched Stmt Sheet Prepare a balance sheet for Year 1. FRANKLIN MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets $ Total assets Equity Total equity $ Check my work Complete this question by entering your answers in the tabs below. Reg A and C Req D CGM Req D Inc Req D Bal Sched Stmt Sheet Prepare a balance sheet for Year 1. FRANKLIN MANUFACTURING CORPORATION Balance Sheet for Year 1 Assets Cash Common stock Finished goods inventory Raw material inventory Retained earnings Work in process inventory Total equity $ 0

Answer & Explanation Solved by verified expert

See Answer