The following transactions pertain to year 1, the first-year operations of Thornton Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $640 for materials used to produce inventory. 3. Paid $1,820 to production workers. 4. Paid $1,012 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 310 units of inventory of which 220 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement in accordance with GAAP. Note: Do not round intermediate calculations. Indicate amounts to be deducted with a minus sign. THORNTON COMPANY Income Statement for Year 1 $ 0

The following transactions pertain to year 1, the first-year operations of Thornton Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $640 for materials used to produce inventory. 3. Paid $1,820 to production workers. 4. Paid $1,012 rental fee for production equipment. 5. Paid $110 to administrative employees. 6. Paid $113 rental fee for administrative office equipment. 7. Produced 310 units of inventory of which 220 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement in accordance with GAAP. Note: Do not round intermediate calculations. Indicate amounts to be deducted with a minus sign. THORNTON COMPANY Income Statement for Year 1 $ 0

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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