Thornton Manufacturing Company experienced the following accounting events during its first year of operation With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP Acquired $57,000 cash by issuing common stock Paid $7,200 for the materials used to make its products, all of which were started and completed during the year Paid salaries of $4,100 to selling and administrative employees Paid wages of $6,700 to production workers Paid $8,700 for furniture used in selling and administrative offices The furniture was acquired on January 1 It had a $1,900 estimated salvage value and a four year useful life Paid $13,100 for manufacturing equipment The equipment was acquired on January 1 It had a $2,000 estimated salvage value and a three year useful life Sold inventory to customers for $25,400 that had cost $13,200 to make Connect 6 C' 0 i 0 Secure i https ewconnect mheducation com flow connect html i e 9 555 Apps g UCD Canvas UCD Access 33 UCD Email I Accounting 2 Netflix 0 Canva XCEL Testing $17 Northwestern Mutua D Insurance Glossary Other Bookmarks Exam Review Quiz 1 0 Saved Help Save 3 Exit Submit 7 Sold inventory to customers for $25,400 that had cost $13,200 to make' Required 1 How these events would affect the balance sheet and income statement by recording them in a horizontal nancial statements model as indicated here The rst event is recorded as an example (Enter decreases to account balances with a minus sign ) EBOOK ow o 5a 0) sb sa eb 1' Total 42,600 not may 1 of 6 iii Next gt

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Thornton Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that

Thornton Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP.

Acquired $57,000 cash by issuing common stock.
Paid $7,200 for the materials used to make its products, all of which were started and completed during the year.
Paid salaries of $4,100 to selling and administrative employees.
Paid wages of $6,700 to production workers.
Paid $8,700 for furniture used in selling and administrative offices. The furniture was acquired on January 1. It had a $1,900 estimated salvage value and a four-year useful life.
Paid $13,100 for manufacturing equipment. The equipment was acquired on January 1. It had a $2,000 estimated salvage value and a three-year useful life.
Sold inventory to customers for $25,400 that had cost $13,200 to make.

Connect 6 C' 0 i 0 Secure i https:/ewconnect.mheducation.com/flow/connect.html * i e 9 555 Apps g UCD Canvas . UCD Access 33 UCD Email I Accounting 2 \" Netflix 0 Canva . XCEL Testing $17? Northwestern Mutua... D Insurance Glossary... Other Bookmarks Exam Review Quiz 1 0 Saved Help Save 3. Exit Submit 7. Sold inventory to customers for $25,400 that had cost $13,200 to make' Required 1 How these events would affect the balance sheet and income statement by recording them in a horizontal nancial statements model as indicated here. The rst event is recorded as an example. (Enter decreases to account balances with a minus sign.) EBOOK -- - ---- - - - - - - - - - - - - - - + + + + ow - o>+ - 5a 0)+ - sb-+ - sa-+ -+ eb-+ + + 1' Total 42,600 + + + - not + - ++++ +++++++ may 1 of 6 iii Next >