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Munoz Company began operations on January 1 , year 1 , by issuing common stock for $ 3 7 , 0 0 0 cash. During
Munoz Company began operations on January year by issuing common stock for $ cash. During year Munoz received $ cash from revenue and incurred costs that required $ of cash payments.
Prepare a GAAPbased income statement and balance sheet for Munoz Company for year under the following scenario:
c Munoz is a manufacturing company. The $ was paid to purchase the following items:
Paid $ cash to purchase materials that were used to make products during the year.
Paid $ cash for wages of factory workers who made products during the year.
Paid $ cash for salaries of sales and administrative employees.
Paid $ cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a fouryear life and a $ salvage value. The company uses straightline depreciation.
During year Munoz started and completed units of product. The revenue was earned when Munoz sold units of product to its customers.
Complete this question by entering your answer in the tabs below.
Income Statement
Balance Sheet
Prepare an Income Statement.
Note: Do not round your intermediate calculations.
tableMUNOZ COMPANYIncome Statement for Year
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