Do not give answer in image Required ARequired BPrepare the December 31, Year 1, income statement.CAMPBELL MANUFACTURING COMPANYIncome Statement for Year 1$697$00 Campbell Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the followingtransactions.1. Issued common stock for $73,000.2. Pald $28,000 cash to purchase raw materials used to make products.3. Transferred $22,000 of raw materials to the production department.4. Paid $26,000 cash for labor used to make products.5. Paid $40,000 cash for overhead costs (assume actual and estimated overhead are the same).6. Finished work on products that cost $78,000 to make.7. Sold products that cost $67,000 to make for $87,500 cash.Requireda. Prepare the December 31, Year 1, balance sheet.b. Prepare the December 31, Year 1, Income statement.Complete this question by entering your answers in the tabs below.Required A Required BPrepare the December 31, Year 1, balance sheet.CAMPBELL MANUFACTURING COMPANYBalance Sheet for Year 1AssetsTotal assetsStockholders' equityTotal stockholders' equity$$00

Income statement is one of the financial statement which shows all incomes and expenses of the…

Campbell Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $73,000. 2. Pald $28,000 cash to purchase raw materials used to make products. 3. Transferred $22,000 of raw materials to the production department. 4. Pald $26,000 cash for labor used to make products. 5. Pald $40,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $78,000 to make. 7. Sold products that cost $67,000 to make for $87,500 cash. Required a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1, Income statement. Complete this question by entering your answers in the tabs below. Required A Prepare the December 31, Year 1, balance sheet. CAMPBELL MANUFACTURING COMPANY Required B

Campbell Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $73,000. 2. Pald $28,000 cash to purchase raw materials used to make products. 3. Transferred $22,000 of raw materials to the production department. 4. Pald $26,000 cash for labor used to make products. 5. Pald $40,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $78,000 to make. 7. Sold products that cost $67,000 to make for $87,500 cash. Required a. Prepare the December 31, Year 1, balance sheet. b. Prepare the December 31, Year 1, Income statement. Complete this question by entering your answers in the tabs below. Required A Prepare the December 31, Year 1, balance sheet. CAMPBELL MANUFACTURING COMPANY Required B

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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