did i do this correct if ..you can assume the following:o The company uses FIFO as the method to record/track inventoryo Beginning inventory is made up of 14,000 units originally purchased at $2.00 per unit which equals Beginning Inventory of $28,000. etIncome StatementStatement of Cash FlowsLiabEquityAPIC100,000.00 $Div PayNotes PayWages PayCommon StockRetain EarningsAccount TitlesRevenueExpenseNet IncomeТуреAmount$200,000.00 $176,167.00550,000Financing550,00024550,000 $$ 1,500,000(300,000)950,000FinancingInvestingNon CashNon Cash52,500(29,150)52,50052,50029,150 $(29,150)Non CashOperating70,000Operating24(117,250)Non Cash24612,500(254,100)$(254,100)612,500612,500Non Cash254,100 $Non CashOperatingOperating472,50024(218,600)Non Cash700,000$700,000(244,350)700,000Non Cash244,350 $(244,350)Non CashOperating735,000Operating$ (494,150)Non Cash(30,000)(75,708)30,000 $75,708 $(30,000)(75,708)OperatingOperating(30,000)(75,708)(40,000)(150,000)(87,500)150,000 $87,500 $(150,000)(87,500)OperatingOperating(150,000)(87.500)2$(50,000)(38,500)$38,500 |$(38,500)Operating(88,500)(37,429)$37,429 |$(37,429)Non Cash10,000.00(10,000)10,000 $(10,000)Non Cash(10.000.00)FinancingNet Change in Cash(10,000)$ 1,755,792500,000 $(40,000) $750,000 $1,050,000 $584,4301,365,000 $956,737 $408,263 Balance SheetEventsAssetsAccum DeprAcct Pay118,000.00CashAcct Rec17,500.00 $Inventory28,000.00EquipmentLandBuilding250,000.00 -Beginning Balances as of Dec 31, Year 11.Acquired $550,000 by signing a note payable with a local bank2. Sold 25,000 shares of $22 Common Stock for $1,500,0003. Purchased Equipment for $300,000Purchased Inventory on AcCount - 25,000 Units at $1.15 per unit5a. Sold 15,000 units at $3.50 on Account5b. COGS for Sales on Account$4257,000.00 $50,000.00 $248,333.00 $550,0001,500,000(300,000)$ 300,000$428,75028,75052,500(29,150)70,000 $Collect $70,000 on AccountPaid $117,250 of Accounts Payable. Purchased Inventory on ACCount - 170,000 Units at $1.50 per unit9a. Sold 175,000 units at $3.50 on Account9b. COGS for Sales on Account10. Collect $472,500 on AccountPaid $218,600 of Accounts Payable12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit13a. Sold 200,000 units at $3.50 on Account13b. COGS for Sales on Account14. Collect $735,000 on AccountPaid $494,150 of Accounts Payable16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit17. Paid Sales & Marketing Expenses of $30,000(70,000)(117,250)255,000(117,250)255,000612,500$4(472,500)(254,100)-1|-|-|-|-$472,500 $$ (218,600.00)$(218,600)$371,250371,250$700,000$|-|-|-(244,350)5.735,000 $(735,000)$(494,150.00)$$5.(494,150)345.000345,000.00|-|-|-|-(30,000)18. Paid Operating Expenses of $75,70819. Record Wages Payable of $40,00020. Paid Product Line Research & Development Expenses of $150,00021. Paid Advertising Expenses of $87,500(75,708)$(40,000)(150,000)(87,500)22. Made the yearly required payment on the note payable. The note carries a 7%$linterest rate and requires payments of $50,000 plus interest each December 31.(88,500)23. Record first year of Depreciation on Equipment Purchased in Year 2 with SalvageValue of $38,000 & useful life of 7 Yrs24. Declared a $10,000 cash dividend for stockholders25. Paid a $10,000 cash dividend for stockholdersBalance at end of Yr 2$37,429.00$(10,000)1,972,792 $105,000 $500,400 $ 300,000 $50,000 $250,000 F$45,762 $288,000Total AssetsTotal Liabilities & Eauity3,132,4303.132.430

Name: did i do this correct if ..you can assume the following:o The company
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: did i do this correct if ..you can assume the following:o The company uses FIFO as the method to record/track inventoryo Beginning inventory is made up of 14,000 units originally purchased at $2.00 per unit which equals Beginning Inventory of $28,000