Prepare a GAAP-based income statement and balance sheet for Finch Company for year 1, for the below scenario:

Finch is a manufacturing company. The $50,800 was paid to purchase the following items:

(1) Paid $3,800 cash to purchase materials that were used to make products during the year.

(2) Paid $310 cash for wages of factory workers who made products during the year.

(3) Paid $30,990 cash for salaries of sales and administrative employees.

(4) Paid $15,700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,200 salvage value. The company uses straight-line depreciation.

(5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,600 units of product to its customers.

Complete this question by entering your answer in the tabs below. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Prepare a GAAP-based income statement and balance sheet for Finch Company for year 1 , for the below scenario: c. Finch is a manufacturing company. The $50,800 was paid to purchase the following items: (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $310 cash for wages of factory workers who made products during the year. (3) Paid $30,990 cash for salaries of sales and administrative employees. (4) Paid $15,700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,600 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement. Complete this question by entering your answer in the tabs below. Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Prepare a GAAP-based income statement and balance sheet for Finch Company for year 1 , for the below scenario: c. Finch is a manufacturing company. The $50,800 was paid to purchase the following items: (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $310 cash for wages of factory workers who made products during the year. (3) Paid $30,990 cash for salaries of sales and administrative employees. (4) Paid $15,700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,600 units of product to its customers. Complete this question by entering your answer in the tabs below. Prepare an Income Statement