Prepare an income statement for Case 1

Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $3,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400. (List Current Assets in order of liquidity.)

Prepare a balance sheet (partial)

Particulars Direct material used Direct Labor Manufacturing overhead Total manufacturing cost Beginning WIP Ending WIP Sales Revenue Sales Discount Cost of goods manufactured Beginning finished goods Case 1 S9,600.00 $5,000.00 $8,000.00 $22,600.00 1,000.00 S6,600.00 S24,500.00 S2,500.00 S17,000.00 $5,000.00 inventory Goods available for sale Cost of goods sold Ending finished goods $22,000.00 S18,600.00 S3,400.00 inventory Gross Profit Operating Expenses Net Income S3,400.00 S2,500.00 900.00