Question

Miller Manufacturing Company started operations on January 1, 2015. During 2015, the company engaged in the following transactions.
1. Issued common stock for $80,000.
2. Paid $20,000 cash to purchase raw materials used to make products.
3. Transferred $18,000 of raw materials to the production department.
4. Paid $24,000 cash for labor used to make products.
5. Paid $36,000 cash for overhead costs (assume actual and estimated overhead are the same).
6. Finished work on products that cost $70,000 to make.
7. Sold products that cost $63,000 to make for $85,000 cash.

Required
a. Prepare the December 31, 2015, balance sheet.
b. Prepare the December 31, 2015, income statement.



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  • CreatedFebruary 07, 2014
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