Need problem 10-23 Effect of product versus period costs on financial statements in book survey of accounting fifth edition

d. Determine the amount of net income that would appear on the 2018 income statement 150 e. Determine the amount of retained earnings that would appear on the December 31, 2018, balance she Required f. Determine the amount of total assets that would appear on the December 31, 2018, balance shel. Determine the total l amount of upstream a. Determine the total amount of downs LO 10-2, 10-3 Problem 10-23 Effect of product versus period costs on financial statements b . c. Determine the total amount of midst CHECK FIGURES d. Determine the sales price per unit. Cash balance: $54,200 Sinclair Manufacturing Company experienced the following accounting events during its first year of . Prepare a GAAP-based income st: Net income: $14,500 operation. With the exception of the adjusting entries for depreciation, assume that all transactions of cash transactions and that financial statement data are prepared in accordance with GAAP. f. Provide a plausible explanation statement prepared to satisfy R 1. Acquired $68,000 cash by issuing common stock. the cases.) 2. Paid $8,700 for the materials used to make its products, all of which were started and complete, during the year. 3. Paid salaries of $4,500 to selling and administrative employees. Problem 10-26 Service ve 4. Paid wages of $10,000 to production workers. Wang Company began operat 5. Paid $9,600 for furniture used in selling and administrative offices. The furniture was acquired on During 2018, Wang received January 1. It had a $1,600 estimated salvage value and a four-year useful life. cash payments. 6. Paid $16,000 for manufacturing equipment. The equipment was acquired on January 1. It had, $1,000 estimated salvage value and a five-year useful life. Required 7. Sold inventory to customers for $35,000 that had cost $14,000 to make. Prepare a GAAP-based in of the following indepen Required a. Wang is a promoter Explain how these events would affect the balance sheet and income statement by recording them in; duced the revenue horizontal financial statements model as indicated here. The first event is recorded as an example. b. Wang is in the automobiles we Financial Statements Model expected salva Equity leasing the aut Assets c. Wang is a ma ent Manuf. Office Com. Ret. (1) Paid $10 10. Cash + Inventory + Equip.* - Furn.* Stk. + Ear. Rev. - Exp. = NetInc. Cash Flow (2) Paid $2 1 68,000 68,000 68,000 FA (3) Paid $5 (4) Paid $