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. 1. Acquired $50,000 by issuing common stock. $50,000 2. Paid $8,000 for the materials used to make its products, all of which were started and completed during the year. $8,000 3. Paid salaries of $4,400 to selling and administrative employees. $4,400 4. Paid wages of $7,000 to production workers. $7,000 5. 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. + $9,600 $1,600 6. 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. $13,000 $1,000 7. Sold inventory to customers for $25,000 that had cost $14,000 to make. $25,000 $14,000 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. 5 (Amounts to be deducted should be indicated by a minus sign.) 6 (Use cell referencing to select account values. If nothing belongs in a cell, leave it blank.) 7 8 Spreadsheet Tips 91. The sum function is an easy way to add a column or row. For example, the formula in cell B36 is -SUM(826:835). 20 2. As an example of the formulas in column Q (net income), the formula in cell Q26 is =M26-026. Graded Worksheet +