Question

Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $664,000; Raw Materials Inventory, $59,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $47,000; Common Stock, $584,000; and Retained Earnings, $214,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $24,000 of research and development costs. 2. Paid $60,000 for raw materials that will be used to make eBook readers. 3. Placed $89,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $73,000 for salaries of selling and administrative employees. 5. Paid $109,000 for wages of production workers. 6. Paid $135,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2018. It has a $15.000 salvage value and a six-year life. The amount of depreciation is computed as [(Cost - salvage) = useful life). Specifically, ($135,000 - $15,000) = 6 = $20,000. 8. Paid $160,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2018. It has a $24,000 salvage value and a eight-year life. The amount of depreciation is computed as [(Cost - salvage) = useful life]. Specifically, ($160,000 - $24,000) = 8 = $17,000. 10. Paid $50,000 for rent and utility costs on the manufacturing facility. 11. Paid $74,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of Warehouse personnel, and other general storage cost). 12. Completed and transferred eBook readers that had total cost of $243,000 from work in process inventory to finished goods. 13. Sold 900 eBook readers for $428,000. 14. It cost Antioch $198,000 to make the eBook readers sold in Event 13.

Please put in a balance sheet

Answer 1

Cash ANTIOCH COMPANY Balance Sheet As of December 31, 2018 Assets 407,000 Raw Materials 30,000 Work in Process Inventory 50,000 Finished Goods 92,000 Office Furniture 115,000 Manufacturing Equipment 143,000 837,000 Total assets Stockholders' Equity Common Stock Retained Earnings 584,000 253,000 Total stockholders' equity 837,000

+ + + + + + + + + + + + + + + + wokring ANTIOCH COMPANY Financial Statements Model Assets = Stockholders' Equity Income Statement Work in Process Manufacturing Statement of Event No. Cash | + | Raw Materials + Inventory + Finished Goods + Office Furniture + Equipment = Common Stock + Retained Earnings Revenue - Expense = Net Income Cash Flow 664,000 + 59,000+ 28,000 + 47,000 + 584,000 + 214,000 -24000 + -240001 24000=1 -24000 24000 OA 2 -60000 + 60000 + -60000 OA -89000 + 89000 -73000 + -73000 73000/= -73000 73000 OA 5 -109000 + 109000 + -109000 OA 6 -135000 + 135000+ -135000IA -20000 + -20000 20000 -20000 8 -160000 + 160000 -160000 IA 17000 + -17000 10 -50000 + 50000 + -50000 OA 11 -74000 + -74000 74000 = -74000 -74000 OA 12 -243000 + 243000 + 13 428000 + 428000 428000 – 428000 428000 OA 141 -198000 + -198000 198000 = -198000 Total 407,000+ 30,000 + 50,000+ 92,000+ 115,000 + 143,000/= 584,000+ 253,000 428,000/- 389,000/= 39,000 -257,000|NC| + + + + + + + + Amin + + + + + + + + + + + + + + + + + + + + + + 10 ULUI + W Sheet356 Sheet350 Sheet357 Sheet358 Sheet359 Sheet360 Sheet361 Sheet362 Sheet363 T L J ENG UK 10:34 19/01/2020