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Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Assets RUNDLE COMPANY Balance Sheet as of 12/31/Year 1

Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Assets RUNDLE COMPANY Balance Sheet as of 12/31/Year 1

FINANCIAL ACCOUNTING
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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Complete this question by entering your answer in the tabs below. Income Statement Assets Balance Sheet Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Cash RUNDLE COMPANY Balance Sheet as of 12/31/Year 1 Accumulated depreciation Finished goods inventory Manufacturing equipment Total assets Stockholders' equity Common stock Retained earnings Total stockholders' equity $ S $ $ 45,000 (4,100) Answer is not complete. 394x 14,700 0 55,994 34,000 0 34,000
Transcribed Image Text:Complete this question by entering your answer in the tabs below. Income Statement Assets Balance Sheet Prepare a balance sheet. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculations. Cash RUNDLE COMPANY Balance Sheet as of 12/31/Year 1 Accumulated depreciation Finished goods inventory Manufacturing equipment Total assets Stockholders' equity Common stock Retained earnings Total stockholders' equity $ S $ $ 45,000 (4,100) Answer is not complete. 394x 14,700 0 55,994 34,000 0 34,000
! Required information Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below) Rundle Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Rundle received $49,100 cash from revenue and incurred costs that required $38.100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Rundle Company for Year 1 under the following scenario c. Rundle is a manufacturing company. The $38.100 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $2,000 cash for wages of factory workers who made products during the year (3) Paid $18,300 cash for salaries of sales and administrative employees. (4) Paid $14.700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2.400 salvage value. The company uses straight line depreciation. (5) During Year 1. Rundle started and completed 2,300 units of product. The revenue was earned when Rundle sold 1,900 units of product to its customers.
Transcribed Image Text:! Required information Problem 10-26A (Algo) Service versus manufacturing companies LO 10-4 [The following information applies to the questions displayed below) Rundle Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Rundle received $49,100 cash from revenue and incurred costs that required $38.100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Rundle Company for Year 1 under the following scenario c. Rundle is a manufacturing company. The $38.100 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $2,000 cash for wages of factory workers who made products during the year (3) Paid $18,300 cash for salaries of sales and administrative employees. (4) Paid $14.700 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2.400 salvage value. The company uses straight line depreciation. (5) During Year 1. Rundle started and completed 2,300 units of product. The revenue was earned when Rundle sold 1,900 units of product to its customers.
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