Question
In: Accounting
The following transactions pertain to 2018, the first-year operations of Solomon Company. All inventory was started...
The following transactions pertain to 2018, the first-year operations of Solomon Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions.
Acquired $4,400 cash by issuing common stock.
Paid $710 for materials used to produce inventory.
Paid $1,910 to production workers.
Paid $882 rental fee for production equipment.
Paid $120 to administrative employees.
Paid $116 rental fee for administrative office equipment.
Produced 340 units of inventory of which 260 units were sold at a price of $13 each.
Required
Prepare an income statement and a balance sheet in accordance with GAAP.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Acquired $4,000 cash by issuing common stock.
Paid $700 for materials used to produce inventory.
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Question The following data pertain to the operations of a manufacturing company for the year 2018...
Question
The following data pertain to the operations of a manufacturing
company for the year 2018
Item Amount (sh)
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Direct materials inventory, Jan 1, 2018 15,000
Direct labour 300,000
Depreciation, plant 60,000
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Cutting tools used 10,000
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Factory lighting and power 10,000
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Maria Company started its operations on March 1, 2018. The
following transactions took place during the first month of
operations:
March 1: Maria invests $1,840,000 cash to start the
business.
March 4: Purchased furniture for $240,000, paying $100,000 in
cash and sign a note for
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March 9: Purchased supplies for $12,200 on credit.
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March 18: Paid $4,200 cash for office supplies purchased on
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on January 1, 2018. The following transactions took place during
the first month of operations:
January 1: Rose invests $1,150,000
cash to start the business.
January 3: Purchased furniture for
$124,000, paying $24,000 in cash and sign a note for
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January 7: Purchased office supplies
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January 11: Paid $11,000 cash for
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January 15: Paid $3,600 cash for
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Transactions for 2018
Acquired $75,000 by issuing common stock.
Received $110,000 cash for providing services to customers.
Borrowed $18,000 cash from creditors.
Paid expenses amounting to $55,000.
Purchased land for $35,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
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$
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Land
35,000
Notes payable
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Common stock
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Paid $36,000 of salaries expense for the year.
Paid a $3,500 dividend to the stockholders.
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