Acc202 10-2

Problem 10-21Product versus general, selling, and administrative be The following proceeding concern to 2012, the first year operations of Hall Company. exclusively inven- tory was started and immaculate during 2012. Assume that all transactions are gold transactions. 1.Acquired $4,000 hard cash by issuing common stock. 2.Paid $720 for materials apply to produce regard stock. 3.Paid $1,800 to action 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 ccc units of inventory of which 200 units were exchange at a hurt 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), marketing, etc. B asically, 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, &ty pe A; A expense              Â!  Â Â Â Â Â Â Â Â Â Â Â Â Â                                  Salaries expense                                                              (180) Depreciation expense- office piece of furniture                                                             (144 ) Net Income                                                                                                           36   Balance Sheet Assets                 specie                                                                                      3,016                 correct Goods Inventory                                                       1020...If you want to get a salutary essay, grade it on our website: OrderCustomPaper.com

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