This is a new manufacturing corporation that issued $$50000$ common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T$-$accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.

GENERAL JOURNAL

Date Accounts Debit Credit

During

Jan.

ACCOUNT TO DEBIT $25,000$

ACCOUNT TO CREDIT $25,000$

To record purchase of raw materials

GENERAL JOURNAL

Date Accounts Debit Credit

During

Jan.

ACCOUNT TO DEBIT $30,000$

ACCOUNT TO CREDIT $10,000$

ACCOUNT TO CREDIT $8,000$

ACCOUNT TO CREDIT $12,000$

To transfer $$10,000$ of raw materials to production,

incur $$8,000$ of direct labor, and apply $$12,000$ of

overhead

GENERAL JOURNAL

Date Accounts Debit Credit

During

Jan.

ACCOUNT TO DEBIT $20,000$

ACCOUNT TO CREDIT $20,000$

To transfer completed units to finished goods

GENERAL JOURNAL

Date Accounts Debit Credit

During

Jan.

ACCOUNT TO DEBIT $45,000$

ACCOUNT TO CREDIT $45,000$

To record sales of finished goods

GENERAL JOURNAL

Date Accounts Debit Credit

During

Jan.

ACCOUNT TO DEBIT $15,000$

ACCOUNT TO CREDIT $15,000$

To transfer finished goods to cost of goods sold

$1.$How much Is ending raw materials inventory?

$2.$ How much is in ending work in process inventory?

$3.$ How much is in ending finished goods inventory?

$4.$ How much is gross profit?

$5.$ How much is the total liability for the company in its Balance sheet?

$6.$ How much is the total Asset for the company in its Balance sheet?

$7.$ How much is the total Equity for the company in its Balance sheet?

$8.$ How much is the total Cash in its Balance sheet?

$9.$ How much is the total inventory balance in its Balance sheet?

$10.$ How much is the Net Income for the company in its Income Statement?