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please help me fill the balance sheet! Gibson Manufacturing Company was started on January 1, Year 1, when it acquired $2,700 cash from the issue
please help me fill the balance sheet!
Gibson Manufacturing Company was started on January 1, Year 1, when it acquired $2,700 cash from the issue of common stock During the first year of operation, $1,500 of direct raw materials was purchased with cash, and $950 of the materials was used to make products. Direct labor costs of $1,700 were paid in cash. Gibson applied $710 of overhead cost to the Work in Process account Cash payments of $710 were were made for actual overhead costs. The company completed products that cost $2.300 and sold goods that had cost $1760 for $2,700 cash. Selling and administrative expenses of $550 were paid in cash GIBSON MANUFACTURING COMPANY Balance Sheet At December, Year 1 Assets Total assets $ 0 Equity Total equity $ 0 Step by Step Solution
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