The following transactions pertain to 2015, the first year of operations of Tanjin Company. All inventory was
Question:
1. Acquired $64,000 of contributed capital from its owners.
2. Paid $10,500 for materials used to produce inventory.
3. Paid $8,600 to production workers.
4. Paid $4,900 rental fee for production equipment.
5. Paid $2,100 to administrative employees.
6. Paid $2,900 rental fee for administrative office equipment.
7. Produced 1,200 units of inventory of which 1,100 units were sold at a price of $27 each.
Required
Prepare an income statement and a balance sheet.
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Old
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