9 Part 3 of 3 1.12 boints 04:01:05 eBook References ! Required information [The following information applies to the questions displayed below.] Vernon Company began operations on January 1, Year 1, by issuing common stock for $32,000 cash. During Year 1, Vernon received $58,000 cash from revenue and incurred costs that required $39,000 of cash payments. Prepare a GAAP-based income statement and balance sheet for Vernon Company for Year 1 under the following scenario: c. Vernon is a manufacturing company. The $39,000 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $1,330 cash for wages of factory workers who made products during the year. (3) Paid $18,970 cash for salaries of sales and administrative employees. (4) Paid $15,400 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During Year 1, Vernon started and completed 2,100 units of product. The revenue was earned when Vernon sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Assets VERNON COMPANY Balance Sheet as of 12/31/Year 1

Required information The following information applies to the questions displayed betow? Vernon Company began operations on Janusiry 1, Year 1, by issuing common stock for $32,000 cash. During Year 1 , Vernon recelved $58,000 cash from revenue and incurred costs that required $39,000 of cash payments. Prepare a GAAP.based income statement and balance sheet for Vernon Company for Yeat 1 under the following scenatio: c. Vernon is a manufacturing company. The $39000 was paid to purchase the following items: (1) Paid $3,700 cash to purchase materials that wore used to make products during the year. (2) Paid \$1,330 cash for wages of factory workers who made products during the year (3) Paid $18,970 cash for salaries of sales and administrative employees. (3) Paid $18,970 cash for salaries of sales and administrative employees. (4) Paid $15,400 cash to purchase manufacturing equipment. The equipment was used solely to make products it had a three-year and a $2.200 salvage value. The company uses straight-line depreciation (5) During Year 1, Vernon started and completed 2,100 units of product. The revenue was earned when Vernon sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare a balance sheet. Prepare a batance sheet. Note: Amounts to te dedurted should be insicated with a minus sign. Do not round your intermediate calculations