=+EX 18-9 Financial statements of a manufacturing firm obj. 3

✔

a. Net income,

$48,000 Partial balance sheet data for Lawson Company at December 31, 2010, are as follows:

Finished goods inventory $10,000 Supplies $18,000 Prepaid insurance 10,000 Materials inventory 22,000 Accounts receivable 26,000 Cash 28,000 Work in process inventory 40,000