Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. Cash + Raw Materials + BALANCE SHEET Assets Work in Process Finished Goods Manufacturing Overhead Stockholders' Equity Revenue INCOME STATEMENT Expenses Net Income

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Jiminez Company engaged in the following transactions during May:
a. Purchased raw materials for cash, $570
b. Used raw materials to begin jobs, $454
c. Paid wages of production employees, $350
d. Applied overhead at rate of $1.25 per direct labor dollar
e. Completed job that had cost $490
f. Sold for $610 cash goods that had cost $465 to complete
Required:
Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show
dollar amounts of increases and decreases.
Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item
not affected by the transaction.
Event
a.
b.
C.
d.
e.
f.
Cash
+ Raw Materials +
+
+
+
+
+
+
+
+
+
+
BALANCE SHEET
Assets
Work in
Process
+
+
+
+
+
Finished
Goods
+
+
+
+
+
Manufacturing
Overhead
Stockholders'
Equity
< Prev
Revenue
40 of 50
INCOME STATEMENT
-
Expenses
Next >
=
=
Net Income
Transcribed Image Text:Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity < Prev Revenue 40 of 50 INCOME STATEMENT - Expenses Next > = = Net Income
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