4 5 6 7 8 9 10 11 The following transactions pertain to Year 1, the first year of operations of the Barlett Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $2,000 cash by issuing common stock. 2. Paid $400 for materials used to produce inventory. 3. Paid $600 to production workers. 4. Paid $200 rental fee for production equipment. 5. Paid $160 to administrative employees. 6. Paid $80 rental fee for administrative office equipment. 7. Produced 300 units of inventory of which 200 units were sold at a price of $7.00 each. 12 Required 13 Complete the income statement and balance sheet shown. 14 (Amounts to be deducted should be indicated by a minus sign.) 15 (Use cell referencing to select account values. If nothing belongs in a cell, leave it blank.) 16 BARTLETT COMPANY Income Statement For the year ended December 31, Year 1 17 18 19 20 Revenue 21 Cost of goods sold 22 Gross margin 23 General, selling, & administrative expenses 24 Salaries expense 25 Rent 26 Net Income 27 28 BARTLETT COMPANY Balance Sheet As of December 31, Year 1 29 30 31 Assets 32 Cash 33 34 Total assets 35 Stockholders' equity 36 Common stock Retained earnings Finished goods inventory $2,000 $400 $600 $200 $160 $80 300 37 38 Total stockholders' equity 39 40 200 $7.00
4 5 6 7 8 9 10 11 The following transactions pertain to Year 1, the first year of operations of the Barlett Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $2,000 cash by issuing common stock. 2. Paid $400 for materials used to produce inventory. 3. Paid $600 to production workers. 4. Paid $200 rental fee for production equipment. 5. Paid $160 to administrative employees. 6. Paid $80 rental fee for administrative office equipment. 7. Produced 300 units of inventory of which 200 units were sold at a price of $7.00 each. 12 Required 13 Complete the income statement and balance sheet shown. 14 (Amounts to be deducted should be indicated by a minus sign.) 15 (Use cell referencing to select account values. If nothing belongs in a cell, leave it blank.) 16 BARTLETT COMPANY Income Statement For the year ended December 31, Year 1 17 18 19 20 Revenue 21 Cost of goods sold 22 Gross margin 23 General, selling, & administrative expenses 24 Salaries expense 25 Rent 26 Net Income 27 28 BARTLETT COMPANY Balance Sheet As of December 31, Year 1 29 30 31 Assets 32 Cash 33 34 Total assets 35 Stockholders' equity 36 Common stock Retained earnings Finished goods inventory $2,000 $400 $600 $200 $160 $80 300 37 38 Total stockholders' equity 39 40 200 $7.00
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Transcribed Image Text:4
1. Acquired $2,000 cash by issuing common stock.
5 2. Paid $400 for materials used to produce inventory.
6
3. Paid $600 to production workers.
4. Paid $200 rental fee for production equipment.
5. Paid $160 to administrative employees.
6. Paid $80 rental fee for administrative office equipment.
10 7. Produced 300 units of inventory of which 200 units were sold at a price of $7.00 each.
11
7
8
The following transactions pertain to Year 1, the first year of operations of the Barlett Company. All inventory
was started and completed during Year 1. Assume that all transactions are cash transactions.
9
12 Required
13 Complete the income statement and balance sheet shown.
14 (Amounts to be deducted should be indicated by a minus sign.)
15 (Use cell referencing to select account values. If nothing belongs in a cell, leave it blank.)
16
17
18
19
20 Revenue
21 Cost of goods sold
22 Gross margin
23 General, selling, & administrative expenses
24
Salaries expense
25
Rent
26 Net Income
27
28
BARTLETT COMPANY
Income Statement
For the year ended December 31, Year 1
BARTLETT COMPANY
Balance Sheet
As of December 31, Year 1
29
30
31 Assets
32
Cash
33
Finished goods inventory
34 Total assets
35 Stockholders' equity
36
Common stock
Retained earnings
$2,000
$400
$600
$200
$160
$80
300
37
38 Total stockholders' equity
39
40
200
$7.00
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