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i cant figure out how to calculate the values Adams Manufacturing Company experienced the following accounting events during its first year of operation with the
i cant figure out how to calculate the values
Adams Manufacturing Company experienced the following accounting events during its first year of operation with the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP 1 Acquired $53.000 cash by issuing common stock 2. Paid $7.900 for the materials used to make its products, all of which were started and completed during the year 3. Paid salaries of $3,800 to selling and administrative employees 4. Paid wages of $6.400 to production workers. 5. Paid $7100 for furniture used in seling and administrative offices. The furniture was acquired on January 1 It had a $1100 estimated salvage value and a four-year useful life 6. Paid $8,600 for manufacturing equipment. The equipment was acquired on January 1 It had a $1,800 estimated salvage value and a two-year useful life 7. Sold Inventory to customers for $25,900 that had cost $13,400 to make. Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example (Enter any decreases to account bolonces with minus sign. For changes on the Statement of Cosh Flows, indicate whether the item is an operating activity (OA). Investing activity (IA), financing activity (FA).) Check my wor statements model as indicated here The first event is recorded as an example (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA).) Balance Sheet Income Station Event No Cash Flow Assets BV Manul Cash Inventory - Equip 53,000 + BV Ottice Furn Stockholders Equity Common Rat STOCK Ear 53.000 Ray Exp. Not Inc. 1 + 53,000 FA 2 + + + 3 + + + 4 -- + 5a + 5b + Ga BB 7a + + + + + 76 Total 53,000 0 0 + 53.000 0 63.000 Step by Step Solution
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