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HKUST Inc. made the following transactions: Jan 1 st , 2019: HKUST Inc. receives 1200 metal plates for which it pays cash of $5 each
HKUST Inc. made the following transactions:
- Jan 1st, 2019: HKUST Inc. receives 1200 metal plates for which it pays cash of $5 each from Metal Inc. and receives 6000 plastic slabs from Plastic Inc. for which it pays $1 to the supplier in cash.
- Jan 21st, 2019: HKUST Inc. receives 600 metal plates for which it pays cash of $6 each from Metal Inc. and receives 3000 plastic slabs from Plastic Inc. for which it pays $2 each to the supplier in cash.
- Jan 28th, 2019: HKUST Inc. produces 25,000 screwdrivers and uses 1,300 metal plates and 7,500 plastic slabs to make those screwdrivers.
- Jan 30th, 2019: HKUST Inc. spends $5,000 cash on packaging its 25,000 screwdrivers.
- Jan 31st, 2019: HKUST Inc. sells 18,000 screwdrivers to Wan Chai Inc. for $10 each. However, Wan Chai Inc. uses a Hong Kong Express credit card, which had fees of 3%, and HKUST Inc. receives the money in cash immediately from Hong Kong Express.
Prepare Extracted Balance sheet, cash flow statement, and income statement under weighted average method
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