Fanning Manufacturing Company started operations on January 1, 2019. During 2019, the company engaged in the following transactions: Issued common stock for $74,000. Paid $30,000 cash to purchase raw materials used to make products. Transferred $23,000 of raw materials to the production department. Paid $26,500 cash for labor used to make products. Paid $41,000 cash for overhead costs (assume actual and estimated overhead are the same). Finished work on products that cost $80,000 to make. Sold products that cost $68,000 to make for $89,000 cash. Required Prepare the December 31, 2019, balance sheet. Prepare the December 31, 2019, income statement. Required A • Required B Prepare the December 31, 2019, balance sheet. FANNING MANUFACTURING COMPANY Balance Sheet for 2019 Assets Total assets Equity Total equity . Required A & B Prepare the December 31, 2019, income statement. FANNING MANUFACTURING COMPANY Income Statement for 2019

Fanning Manufacturing Company started operations on January 1, 2019. During 2019, the company engaged in the following transactions: Issued common stock for $74,000. Paid $30,000 cash to purchase raw materials used to make products. Transferred $23,000 of raw materials to the production department. Paid $26,500 cash for labor used to make products. Paid $41,000 cash for overhead costs (assume actual and estimated overhead are the same). Finished work on products that cost $80,000 to make. Sold products that cost $68,000 to make for $89,000 cash. Required Prepare the December 31, 2019, balance sheet. Prepare the December 31, 2019, income statement. Required A • Required B Prepare the December 31, 2019, balance sheet. FANNING MANUFACTURING COMPANY Balance Sheet for 2019 Assets Total assets Equity Total equity . Required A & B Prepare the December 31, 2019, income statement. FANNING MANUFACTURING COMPANY Income Statement for 2019

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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