PREPARE AN INCOME STATEMENT, PREPARE A BALANCE SHEET AND PREPARE A STATEMENT OF CASH FLOWS

The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and completed during 2015. Assume that all transactions are cash transaction:s 1. Acquired $4,800 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $870 rental fee for production equipment. 5. Paid $100 to administrative employees. 6. Paid $111 rental fee for administrative office equipment. 7. Produced 320 units of inventory of which 250 units were sold at a price of $13 each