I NEED HELP WITH THE FOLLOWING 5B Paid $7,300 for furniture used in selling and administrative offices The furniture was acquired on January 1 It had a $1,600 estimated salvage value and a three year useful life USED IN SELLING AND ADMINISTRATIVE 6B 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 USED IN MANUFACTURING EQUIPMENT I messed up on the depreciation i know that It should be (Purchase Cost Salvage Value) (Useful Life) ($7300 1600) (3) 5700 3 $1900 I put $1600 instead of $1900, but I wanted to ensure I had the depreciation in the correct places Next, the depreciation for the manufacturing equipment is correct Same formula ($13000 1000) (3) 12000 3 $4000 The furniture is used in selling and administrative offices The manufacturing equipment is an asset which makes it an asset NEITHER SHOW UP IN THE CASH FLOW STATEMENT Here's the original problem and my screenshots of my work Franklin 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 Acquired $57,000 cash by issuing common stock Paid $7,000 for the materials used to make its products, all of which were started and completed during the year Paid salaries of $4,100 to selling and administrative employees Paid wages of $6,700 to production workers Paid $7,300 for furniture used in selling and administrative offices The furniture was acquired on January 1 It had a $1,600 estimated salvage value and a three year useful life 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 Sold inventory to customers for $25,800 that had cost $13,800 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 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) ) On 5B, is put (1600) and the correct amount should be (1900) Do I have the amounts in the correct places On 6B, I put (4000), but why is it incorrect for Returned Earnings Expenses Net Income Assets Liabilities Equity SHOULD IT JUST BE REMOVED FOR Returned Earnings Expenses Net Income

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I NEED HELP WITH THE FOLLOWING: 5B Paid $7,300 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It

I NEED HELP WITH THE FOLLOWING:

5B Paid $7,300 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a three-year useful life. USED IN SELLING AND ADMINISTRATIVE

6B 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. USED IN MANUFACTURING EQUIPMENT

I messed up on the depreciation.i know that. It should be (Purchase Cost - Salvage Value) / (Useful Life) = ($7300-1600)/(3)=5700/3=$1900

I put $1600 instead of $1900, but I wanted to ensure I had the depreciation in the correct places.

Next, the depreciation for the manufacturing equipment is correct. Same formula ($13000-1000)/(3)=12000/3= $4000

The furniture is used in selling and administrative offices

The manufacturing equipment is an asset which makes it an asset

NEITHER SHOW UP IN THE CASH FLOW STATEMENT

Here's the original problem and my screenshots of my work.

Franklin 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.

Acquired $57,000 cash by issuing common stock.
Paid $7,000 for the materials used to make its products, all of which were started and completed during the year.
Paid salaries of $4,100 to selling and administrative employees.
Paid wages of $6,700 to production workers.
Paid $7,300 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,600 estimated salvage value and a three-year useful life.
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.
Sold inventory to customers for $25,800 that had cost $13,800 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 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).)

On 5B, is put (1600) and the correct amount should be (1900)

Do I have the amounts in the correct places?

On 6B, I put (4000), but why is it incorrect for Returned Earnings? Expenses? Net Income?

Assets = Liabilities + Equity

SHOULD IT JUST BE REMOVED FOR Returned Earnings? Expenses? Net Income?