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I need help with this question The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and completed during
I need help with this question
The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and completed during 2015. Assume that all transactions are cash transactions. |
1. | Acquired $4,400 cash by issuing common stock. |
2. | Paid $630 for materials used to produce inventory. |
3. | Paid $1,880 to production workers. |
4. | Paid $1,624 rental fee for production equipment. |
5. | Paid $110 to administrative employees. |
6. | Paid $113 rental fee for administrative office equipment. |
7. | Produced 390 units of inventory of which 270 units were sold at a price of $13 each. |
Required |
a-1. | Prepare an income statement. (Do not round intermediate calculations.) |
a-2. | Prepare a balance sheet. |
a-3. | Prepare statement of cash flows. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.) |
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