[The following information applies to the questions displayed below.) Stuart Company began operations on January 1, year 1, by issuing common stock for $33,000 cash. During year 1, Stuart received $50,800 cash from revenue and incurred costs that required $37,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Stuart Company for year 1, for the below scenario: c. Stuart is a manufacturing company. The $37,800 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 $2,180 cash for wages of factory workers who made products during the year. (3) Pald $13,320 cash for salaries of sales and administrative employees. (4) Paid $18,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four year! and a $2,100 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 1,650 units of produ to its customers Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement STUART COMPANY Income Statement for Year 1 c. Stuart is a manufacturing company. The $37,800 was paid to purchase the following items: of 3 oped (1) Paid $3,800 cash to purchase materials that were used to make products during the year. (2) Paid $2,180 cash for wages of factory workers who made products during the year. (3) Paid $13,320 cash for salaries of sales and administrative employees. (4) Paid $18,500 cash to purchase manufacturing equipment. The equipment was used solelyt and a $2,100 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 to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. STUART COMPANY .................Income Statement for Year Accounts payable Accounts payable Accounts receivable Administrative expenses Cost of goods sold Depreciation expenses s o Balance Sheet Income Statement Balance Sheet Prepare an Income Statement. STUART COMPANY Income Statement for Year 1 Administrative expenses Cost of goods sold Depreciation expenses Operating expenses Sales revenue neome pieleu 2,00 UILS UI PIUUULL. Te revenue to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus s. STUART COMPANY Balance Sheet as of 12/31/Year 1 Assets Total assets Equity Total equity