Exercise $12-9$A $($Algo$)$ Process cost system LO $12-2,12-3$

Adams Manufacturing Company started operations on January $1,$ Year $1.$ During Year $1,$ the company engaged in the following transactions.

Issued common stock for $$70,000.$

Paid $$22,000$ cash to purchase raw materials used to make products.

Transferred $$19,000$ of raw materials to the production department.

Paid $$24,500$ cash for labor used to make products.

Paid $$37,000$ cash for overhead costs $($assume actual and estimated overhead are the same$).$

Finished work on products that cost $$72,000$ to make.

Sold products that cost $$64,000$ to make for $$83,000$ cash.

Required

a$.$ Prepare the December $31,$ Year $1,$ balance sheet.

b$.$ Prepare the December $31,$ Year $1,$ income statement.

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Prepare the December $31,$ Year $1,$ balance sheet.

$\backslash$table$[[$ADAMS MANUFACTURING COMPANY$],[$Balance Sheet for Year $1,],[$Assets$,],[,]]$