Acc202 10-2

Problem 10-21Product versus general, selling, and administrative be The following proceeding tie in to 2012, the first year operations of Hall Company. exclusively inven- tory was started and established during 2012. Assume that all transactions are gold transactions. 1.Acquired $4,000 gold by issuing common stock. 2.Paid $720 for materials apply to produce sorb stock. 3.Paid $1,800 to occupation workers. 4.Paid $540 rental pay for production equipment. 5.Paid $180 to administrative employees. 6.Paid $ receipts rental fee for administrative office equipment. 7.Produced three hundred units of inventory of which 200 units were exchange at a expense of $12 each. Required Prepare an income statement, balance sheet, and statement of cash flows. Product costs are all costs associated with the production of goods (not including rental or admin costs) whereas general, selling, and admin costs cover rental expenses, administrative salaries (not labor), market ing, etc. Basically, everything only the costs to produce the goods.

Income Statement gross revenue Revenue                                                                                  2,400 Cost of goods sold                                                                      -     2,040 Gross margin                                                                                       360 S,G, & group A; A expense               Â!  Â Â Â Â Â Â Â Â Â Â Â Â                                  Salaries expense                                                              (180) Depreciation expense- office article of furniture                                                             (144 ) Net Income                                                                                                           36   Balance Sheet Assets                 specie                                                                                      3,016                 ideal Goods Inventory                                       Â Â Â              1020...If you want to get a salutary essay, night club it on our website: BestEssayCheap.com

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