! Required information [The following information applies to the questions displayed below.] Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments. Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario: c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $2,050 cash for wages of factory workers who made products during the year. (3) Paid $15,850 cash for salaries of sales and administrative employees. (4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of product to its customers. 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 CAMPBELL COMPANY Balance Sheet as of 12/31/Year 1
! Required information [The following information applies to the questions displayed below.] Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments. Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario: c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $2,050 cash for wages of factory workers who made products during the year. (3) Paid $15,850 cash for salaries of sales and administrative employees. (4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of product to its customers. 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 CAMPBELL COMPANY Balance Sheet as of 12/31/Year 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1,
Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments.
Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario:
c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items:
(1) Paid $3,300 cash to purchase materials that were used to make products during the year.
(2) Paid $2,050 cash for wages of factory workers who made products during the year.
(3) Paid $15,850 cash for salaries of sales and administrative employees.
(4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life
and a $2,500 salvage value. The company uses straight-line depreciation.
(5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of
product to its customers.
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
CAMPBELL COMPANY
Balance Sheet as of 12/31/Year 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F69ae1dd6-3615-4a1a-a17e-22e8401cf941%2F50d9bc13-294b-405d-ac86-6ac4e6eba0bd%2Fmhronxq_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1,
Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments.
Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario:
c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items:
(1) Paid $3,300 cash to purchase materials that were used to make products during the year.
(2) Paid $2,050 cash for wages of factory workers who made products during the year.
(3) Paid $15,850 cash for salaries of sales and administrative employees.
(4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life
and a $2,500 salvage value. The company uses straight-line depreciation.
(5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of
product to its customers.
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
CAMPBELL COMPANY
Balance Sheet as of 12/31/Year 1
![Required information
[The following information applies to the questions displayed below.]
Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1,
Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments.
Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario:
c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items:
(1) Paid $3,300 cash to purchase materials that were used to make products during the year.
(2) Paid $2,050 cash for wages of factory workers who made products during the year.
(3) Paid $15,850 cash for salaries of sales and administrative employees.
(4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life
and a $2,500 salvage value. The company uses straight-line depreciation.
(5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of
product to its customers.
Complete this question by entering your answer in the tabs below.
Income
Statement
Balance Sheet
Prepare an Income Statement.
Note: Do not round your intermediate calculations.
CAMPBELL COMPANY
Income Statement for Year 1
$
$
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F69ae1dd6-3615-4a1a-a17e-22e8401cf941%2F50d9bc13-294b-405d-ac86-6ac4e6eba0bd%2Fx0yb75_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Campbell Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1,
Campbell received $57,700 cash from revenue and incurred costs that required $38,700 of cash payments.
Prepare a GAAP-based income statement and balance sheet for Campbell Company for year 1 under the following scenario:
c. Campbell is a manufacturing company. The $38,700 was paid to purchase the following items:
(1) Paid $3,300 cash to purchase materials that were used to make products during the year.
(2) Paid $2,050 cash for wages of factory workers who made products during the year.
(3) Paid $15,850 cash for salaries of sales and administrative employees.
(4) Paid $17,500 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life
and a $2,500 salvage value. The company uses straight-line depreciation.
(5) During year 1, Campbell started and completed 2,300 units of product. The revenue was earned when Campbell sold 1,800 units of
product to its customers.
Complete this question by entering your answer in the tabs below.
Income
Statement
Balance Sheet
Prepare an Income Statement.
Note: Do not round your intermediate calculations.
CAMPBELL COMPANY
Income Statement for Year 1
$
$
0
0
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