The following transactions pertain to year 1, the first-year operations of Rundle Company. All inventory...
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Accounting
The following transactions pertain to year 1, the first-year operations of Rundle Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions.
Acquired $4,300 cash by issuing common stock.
Paid $700 for materials used to produce inventory.
Paid $1,820 to production workers.
Paid $948 rental fee for production equipment.
Paid $120 to administrative employees.
Paid $112 rental fee for administrative office equipment.
Produced 340 units of inventory of which 220 units were sold at a price of $12 each.
Required Prepare an income statement and a balance sheet in accordance with GAAP.
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