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-   -   Financial Statement with Balance sheet and income statement (https://www.askmehelpdesk.com/showthread.php?t=165001)

  • Dec 22, 2007, 10:08 AM
    craw2488
    Financial Statement with Balance sheet and income statement
    Here's the problem:

    The Hobart Company incurred the following transactions during 2003:

    A. Acquired $50,000 of cash capital from owners
    B. Paid $10,000 to acquire manufacturing equipment
    C. Paid $5,000 cash for materials used in production
    D. Paid $2,000 for wages of production workers
    E. Paid $8,000 in general, selling, and administrative costs
    F. Recognized $1,000 of depreciation on the manufacturing equipment
    G. Sold inventory for $18,000 cash
    H. The cost of the inventory sold was $6,500

    Show the financial statement effects of the transactions by completing the financial statement schedule provided.

    Balance Sheet Income Statement

    T/A | Cash | Inventory | Equip. = Cont. Cap| Ret. Ear. Rev. (-) Exp. = NI

    A.
    B.
    C.
    D.
    E.
    F.
    G.
    H.
  • Nov 5, 2009, 11:39 PM
    xiane

    You must prepare first the entries to come up with statements

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