Mantooth 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.

Acquired $$50,000$ by issuing common stock.

Paid $$8,000$ for the materials used to make its products, all of which were started and completed during the year.

Paid salaries of $$4,400$ to selling and administrative employees.

Paid wages of $$7,000$ to production workers.

Paid $$9,600$ for furniture used in selling and administrative offices. The furniture was acquired on January $1.$ It had a $$1,600$ estimated salvage value and a four$-$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 $$25,000$ that had cost $$14,000$ to make.

Required

Complete the financial statements model. Place formulas in row $36$ to automatically add the columns. Also add formulas in column Q to calculate net income after each event, and add formulas in row $38$ to compute total assets and equity. Notice that you must enter the events since only the first one is shown as an example.

Spreadsheet Tips

The sum function is an easy way to add a column or row. For example, the formula in cell B$36$ is $=$SUM$($B$26$:B$35).$

As an example of the formulas in column Q $($net income$),$ the formula in cell Q$26$ is $=$M$26$O$26.$

If you find that some of the columns are too far to the right to appear on your screen, you can set the zoom level to show the entire spreadsheet. The zoom is set by choosing View, then Zoom, and then clicking on Custom and typing $100$ percent$$ in the box. The shortcut method to set the zoom is to click in the box on the right side of the top tool bar that appears immediately below the menu.