Assets Equity Event Manuf. Office Common Retained Net No. Cash + Inventory + Equip. + Furn. = Stock + Earnings Revenue - Expenses = Income $50,000 $ 50,000 N 3 4 Dep. 6 Dep. 7 Totals $50,000 + $ + $ - + $ = $ 50,000 + $ $ - $ - = $ $ 50,000 $ 50,000 Total Assets Total EquityATC 1-7 Spreadsheet Assignment Mastering Excel Mantooth Manufacturing Company experienced the following accounting events during its rst year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Acquired $50,000 by issuing common stock. . Paid $8,000 for the materials used to make its products, all of which were started and completed during the year. . Paid salaries of $4,400 to selling and administrative employees. . Paid wages of $7,000 to production workers. Ul-BUJN . Paid $9,600 for furniture used in selling and administrative ofces. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a four-year useful life. 6. Paid $13,000 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $25,000 that had cost $14,000 to make. Construct a spreadsheet of the nancial statements model as shown here