Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please solve for 2b asap 4 during year 1 All purchases and sales were made with cash 1666 points 1. Acquired 5890,000 of cash from
please solve for 2b asap 4 during year 1 All purchases and sales were made with cash 1666 points 1. Acquired 5890,000 of cash from the owners. 2. Purchased 5340,000 of manufacturing equipment. The equipment has a 544,000 salve value and a four-year useful life Label the purchase of the equipment as Event 2o and the recognition of depreciation as Event 2b. 3. The company started and completed 6,400 modems. Direct saterials purchased and used mounted to 554 per unit. 4. Direct labor costs amounted to $39 per unit 5. The cost of manufacturing Supplies purchased and used mounted to $18 per unit. 6. The company paid $54,000 to rent the manufacturing facility. 7. Solomon sold all 6,400 units at cash price of $100 per unit. Label the recognition of the sales Event and the cost of Boods sold as Event 7. (Hint: it will be necessary to determine the manufacturing costs in order to record the cost of goods Sold: 8. The sales staff was paid $13,00 per unit sales comission 9. Pa 553,000 to purchase equipment for dinistrative offices, the equipment was expected to have $4,400 salva valinand three-year useful le Label the purchase of the equipments Events and the recognition of depreciation as Event 10. Artinistrative expenses consisting of office rental and salaris mounted to $78,950 - Reference Required a. Record the transaction data for Solomon Modoms. Ing. In the financial statements like the one shown as follows. The first transaction is recorded as an example b-1. Prepare an income statement b 2. Prepare a balance sheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started