need it quick thanks 1. Acquired $5/,u casn by issuing...
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Accounting
need it quick thanks
1. Acquired $5/,u casn by issuing common stock. 2. Paid $7,700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $3,900 to selling and administrative employees. 4. Paid wages of $6,200 to production workers. 5. Pald $4,500 for furniture used in selling and administrative offices. The furniture was acquired on January 1 . It had a $1,500 estimated salvage value and a two-year useful life. 6. Paid $8,500 for manufacturing equipment. The equipment was acquired on January 1 , It had a $1,300 estimated salvage value and a two-year useful life. 7. Sold inventory to customers for $25,900 that had cost $13,100 to make. Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA).)
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