The following transactions pertain to year 1, the first-year operations of Gibson Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions.
a. Acquired $12,000 cash by issuing common stock.
b. Paid $4,700 for materials used to produce inventory.
c. Paid $2,400 to production workers.
d. Paid $900 rental fee for production equipment.
e. Paid $350 to administrative employees.
f. Paid $400 rental fee for administrative office equipment.
g. Produced 400 units of inventory of which 360 units were sold at a price of $25 each.
Required1. Prepare an income statement and a balance sheet in accordance with GAAP.
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The following transactions pertain to year 1, the first-year operations of Gibson Company. All inven...
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