The following transactions pertain to 2018, the first-year operations of Franklin Company. All inventory was started...
The following transactions pertain to 2018, the first-year operations of Franklin Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. Acquired $4,600 cash by issuing common stock. Paid $640 for materials used to produce inventory. Paid $1,910 to production workers. Paid $643 rental fee for production equipment. Paid $110 to administrative employees. Paid $105 rental fee for administrative office equipment. Produced 310 units of inventory of which 230 units were sold at a price of $12 each. Required Prepare a balance sheet in accordance with GAAP.
Homework Answers
| Balance sheet | |
| Assets | |
| Cash | 3942 |
| Inventory80*10.3 | 824 |
| Total assets | 4766 |
| Equity | |
| Retained earnings | 166 |
| Common stock | 4600 |
| Total equity | 4766 |
Working notes:
Cost per unit = Total expense/Total production
Total expense = 640+1910+643 = 3193
Cost per unit = 3193/310 = 10.3
| Income statement | |
| Sales revenue(230*12) | 2760 |
| Less: Cost of goods sold(230*10.3) | 2369 |
| Gross margin | 391 |
| Less: Admin expense | |
| Admin employees | 110 |
| Admin rental | 115 |
| Net income | 166 |
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