Assets ANTIOCH COMPANY Balance Sheet As of December 31, Year 2 Total assets Stockholders' Equity $ 0 Total stockholders' equity $ 0 Req A Req C1 Req C2 Req C3 Prepare a formal income statement for the year. ANTIOCH COMPANY Income Statement For the Year Ended December 31, Year 2 Sales revenue Cost of goods sold Gross margin Selling and administrative expense Net income $ 423,000 Complete this question by entering your answer in the tabs below. Req A Req C1 Req C2 Req C3 Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to be deducted should be indicated with a minus sign.) ANTIOCH COMPANY Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, Year 2 Beginning raw materials Inventory $ 63,000 Purchases 51,000 Raw materials available 114,000 Ending raw materials inventory 16,000 Raw materials used 130,000 Labor 93,000 Overhead 62,000 Total manufacturing costs 285,000 Beginning work in process inventory 32,000 Total work in process inventory 317,000 Ending work in process inventory 45,000 Cost of goods manufactured 362,000 Beginning finished goods inventory 49,000 Goods available 411,000 Ending finished goods inventory 144,500 Cost of goods sold $ 555,500 < Req A Req C2 > Income Statement Revenue - Expense = Net Income = Statement of Cash Flow 31,000 = (31,000) (31,000) OA = (51,000) OA 61,000 = (61,000) (61,000) = (93,000) OA = (92,000) 10,000 = II (10,000) = (118,000) = = (51,000) OA 78,000 = (78,000) (78,000) OA = 423,000 = 423,000 423,000 OA 144,500 = (144,500) 423,000 324,500 = 98,500 (152,000) Balance Sheet Financial Statements Model Income Statement Event No. Assets = Stockholders' Equity Work in Cash Raw Materials Finished + Process + Goods Inventory BV Office Furniture + BV Manufacturing = Common Stock + Retained Earnings Revenue Expense Equipment 1. 664,000 + (31,000) 63,000 + 32,000 + 49,000 + + = II 590,000 + 218,000 = + + + + + II + (31,000) 31,000 2. (51,000) + 51,000 + + + + = + = 3. + (98,000) + 98,000 + + + = || + II 4. (61,000) + + + + 5. (93,000) + + 93,000 + + + = + (61,000) 61,000 = + = + = 6. (92,000) + + 7. + + + + 92,000 + + + (10,000) + II + || = || + (10,000) 10,000 = 8. (118,000) + + + + 9. + + 11,000 + + + 118,000 + (11,000) = + || = + II = I = 10. (51,000) + + 51,000 + + + + = II 11. (78,000) + + + + + II = + (78,000) 78,000 = 12. + + (240,000) + 240,000 + II 13. 423,000 + + + + + = 14. + + + (144,500) + + Total 512,000 + 16,000 + 45,000 + 144,500 + 82,000 + 107,000 = || + 423,000 423,000 II + (144,500) 144,500 = 590,000 + 316,500 423,000 324,500