18 ConHW G Help Save & Exit 5 1. Acquired $4,200 cash by issuing common stock. 2

Question

18 ConHW G Help Save & Exit 5 1. Acquired $4,200 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,880 to production workers. 4. Paid $760 rental fee for production equipment. 5. Paid $80 to administrative employees. 28 points $120 rental fee for administrative office equipment 7. Produced 320 units of inventory of which 170 units were sold at a price of $12 each. Prepare an income statement and a balance sheet in accordance with GAAP Complete this question by entering your answer in the tabs below in accordance with GAAP. (Do not round your intermediate ions.) nt for 2018 2,040 2,040 Administrative e 2.040

Explanation / Answer

Income statement :

Balance sheet:

Sales (170*12) 2040 Less: Cost of goods sold (720+1880+760)*170/320 -1785 Gross profit 255 Less: Selling and administrative expense (80+120) -200 Net operating income 55

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