Rooney Company began operations on January 1, 2018, by issuing common stock for $35,000 cash. During 2018, Rooney received $58,700 cash from revenue and incurred costs that required $38,700 of cash payments.

Prepare a GAAP-based income statement and balance sheet for Rooney Company for 2018, under each of the following independent scenarios:

1. Rooney is a promoter of rock concerts. The $38,700 was paid to provide a rock concert that produced the revenue.

2. Rooney is in the car rental business. The $38,700 was paid to purchase automobiles. The automobiles were purchased on January 1, 2018, and have three-year useful lives, with no expected salvage value. Rooney uses straight-line depreciation. The revenue was generated by leasing the automobiles.

3. Rooney is a manufacturing company. The $38,700 was paid to purchase the following items:

1. (1) Paid $3,300 cash to purchase materials that were used to make products during the year.

2. (2) Paid $2,380 cash for wages of factory workers who made products during the year.

3. (3) Paid $17,820 cash for salaries of sales and administrative employees.

4. (4) Paid $15,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,000 salvage value. The company uses straightline depreciation.

5. (5) During 2014, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,700 units of product to its customers.