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.

You must prepare first the entries to come up with statements