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I attached all the information needed to answer this question. I need this done for my homework tonight. Thank you. Slattery Company was formed on

I attached all the information needed to answer this question. I need this done for my homework tonight. Thank you.

image text in transcribed Slattery Company was formed on January 1, 2013, to build a single product. The company issued no-par common stock on that date for $360,000 cash. The product costs $18 to make, all of which is paid in cash at the time of production. Slattery sells each unit of the product for $38 on credit and incurs sales commissions per unit of $4 cash. In 2013, Slattery produced 8,000 units, shipped 6,000 units, and received payment for 3,000 units. Required: Hide 1a. Prepare the 2013 income statement under revenue recognition at the completion of the earnings process. SLATTERY COMPANY Income Statement For Year Ended December 31, 2013 Revenue $ Cost of goods sold Selling expense Net Income $ Hide Feedback Hide Prepare the 2013 ending balance sheet under revenue recognition at the completion of the earnings process. SLATTERY COMPANY Balance Sheet December 31, 2013 $ Cash Accounts receivable Inventory $ Common stock, no par $ Retained earnings $ Hide 1b. Prepare the 2013 income statement under revenue recognition prior to the completion of the earnings process. SLATTERY COMPANY Income Statement For Year Ended December 31, 2013 Revenue $ Production expense Selling expense Net Income Hide Feedback Incorrect $ Hide Prepare the 2013 ending balance sheet under revenue recognition prior to the completion of the earnings process. SLATTERY COMPANY Balance Sheet December 31, 2013 $ Cash Accounts receivable Inventory $ Accrued selling expenses $ Common stock, no par Retained earnings $ Hide Feedback Balance Sheet Cash $306,000 Accrued selling expenses $8,000 Accounts receivable ? Common stock, no par ? Inventory ? Retained earnings ? ? ? Hide c. Prepare the 2013 income statement under revenue recognition at the completion of the earnings process as cash SLATTERY COMPANY Income Statement For Year Ended December 31, 2013 Revenue $ Cost of goods sold Selling expense Net Income $ Hide Feedback Hide Prepare the 2013 ending balance sheet under revenue recognition at the completion of the earnings process as cash SLATTERY COMPANY Balance Sheet December 31, 2013 $ Cash Prepaid selling expenses Inventory $ Common stock, no par $ Retained earnings $

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