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need help with the rest of the income statement and balance sheet please! The following transactions pertain to Year 1, the first-year operations of Jordan
need help with the rest of the income statement and balance sheet please!
The following transactions pertain to Year 1, the first-year operations of Jordan Company, All inventory was started and completed during Year 1. Assume that all transactions are cash transactions 1. Acquired $4,600 cash by issuing common stock. 2. Pald $640 for materials used to produce inventory 3. Paid $1,970 to production workers. 4. Paid $1,020 rental fee for production equipment 5. Pald $110 to administrative employees. 6. Pald $115 rental fee for administrative office equipment 7. Produced 330 units of inventory of which 200 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP JORDAN COMPANY Income Statement for Year 1 Sales revenue $ 2,600 Cost of goods sold Gross margin Administrative expense $ 2,600 Net income $ $ 2,600 JORDAN COMPANY Balance Sheet as of 12/31/41 Assets Cash Finished goods inventory Total assets $ 0 Equity Common stock Retained earnings Total equity $ 0 Step by Step Solution
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