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Model constructing an income statement and balance sheet for a furniture company based on the following transaction details. Please clearly show which transactions fall under

Model constructing an income statement and balance sheet for a furniture company based on the following transaction details. Please clearly show which transactions fall under the following parts of the statement:

Sales

Cost of Sales

SG&A Expenses

Interest Income

Income Expense

Loss on Sale of Non-Current Asset

Transactions

  1. Buy wood to build bookshelves- $500
  2. A recently hired team member builds the bookshelves and should be paid - $25
  3. Paid electricity bill for shop where bookshelves are made - $100
  4. Paid team member who built the bookshelves - $25
  5. Sold moving truck - $2500 (cash) (depreciation charge to date is $500; truck had an accumulated depreciation of $1000 at the time of sale)
  6. Sold 2 bookshelves for $200 each (the total cost to make the bookshelves was $75 each)
  7. Completed a subscription service from prior year - $4000
  8. A count of manufacturing inventory shows $200 of raw materials on hand, $100 of work in process and completed making $300 worth of bookshelves
  9. File cabinets depreciated - $75
  10. Paid interest on a bank loan - $1000
  11. Recorded the portion of the prepaid workshop insurance from the previous year - $50
  12. Collected interest income - $20

Opening Balances

  1. Cash - $2000
  2. Inventory stock - $1000
  3. Materials - $0
  4. Work in Process - $0
  5. Finished Goods - $0
  6. Total Inventory -
  7. Accounts Receivable - $5000
  8. PP&E - $4000
  9. Prepayments - $1000
  10. Accrued Income - $10
  11. Accounts Payable - $2000
  12. Tax Payable - $0
  13. Dividend Payable - $0
  14. Accrued Liabilities $300
  15. Bank Loan - $25000
  16. Share Capital - $10000
  17. Retained Earnings - $12,000

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