This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T - accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.

This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T - accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...

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This is a new manufacturing corporation that issued $30000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Net Income at the end of the period in the Income Statement?2. What is the Total Inventory balance at the end of the period in the Balance sheet?3. What is the Total Asset balance at the end of the period in the Balance sheet?4. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?5. What is the Total Equity Balance at the end of the period in the Balance sheet?6. What is the Total Liability balance at the end of the period in the Balance sheet? 7.The amount of Raw Material that transfers to the Factory Overhead is called Direct Material.
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