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Please help me fill these out! Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank on Jan 1.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedPlease help me fill these out!

Year 1 Transaction List: 1. Acquired $550,000 by signing a note payable with a local bank on Jan 1. 2. Sold 25,000 shares of $22 par value Common Stock for $1,500,000 3. Purchased Equipment for $300,000 cash 4. Purchased 25,000 Units of Inventory on Account at $1.15 per unit 5. Sold 15,000 units at $3.50 on Account 6. Collected $70,000 of accounts receivable 7. Paid $17.250 of Accounts Payable 8. Purchased 170,000 Units of Inventory on Account at $1.50 per unit 9. Sold 175,000 units at $3.50 on Account 10. Collected $472,500 of accounts receivable 11. Paid $118,600 of Accounts Payable 12. Purchased 275,000 Units of Inventory on Account at $1.35 per unit 13. Sold 200,000 units at $3.50 on Account 14. Collected $735,000 of accounts receivable 15. Paid $294,150 of Accounts Payable 16. Purchased 300,000 Units of Inventory on Account at $1.15 per unit 17. Record Sales & Marketing Expenses of $30,000 (paid in cash) 18. Record Operating Expenses of $75,708 (paid in cash) 19. Record Wage Expenses of $40,000 (paid in cash) 20. Record Product Line Research & Development Expenses of $150,000 (paid in cash) 21. Record Advertising Expenses of $87,500 (paid in cash) 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 23. Record Year 1 Depreciation on Equipment with Salvage Value of $38,000 and useful life of 7 Years (straight-line depreciation) 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders Goods Available for Sale Price/ Units Unit Total Cost of Goods Sold Price/ Units Unit Total Ending Inventory Price/ Units Unit Total Beg Bal Purchases: Total Flexible Budget Master Budget at Actual Units Sold in Year 1 $ 1,365,000 Actual Units Sold + 25,000 $ 1,390,000.00 Actual Units Sold + 50,000 $ 1,415,000.00 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Sales & Marketing Operating costs Wages Research & Development Expense Advertising Expense Depreciation Exp Interest Expense Net Income Balance Sheet Year 1 Assets Cash $ Total Assets $ Liabilities Accounts Payable Total Liabilities $ Stockholders Equity $ Total Stockholders Equity $ Total Liabilities and Stockholders Equity $

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