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Gibson manufacturing company was started on January 1, 2018 when it acquired 76,000 ...

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Accounting

Gibson manufacturing company was started on January 1, 2018 when it acquired 76,000
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The following transactions pertain to 2018, the first-year operations of Solomon Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $630 for materials used to produce inventory. 3. Paid $1,880 to production workers. 4. Paid $1,486 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $105 rental fee for administrative office equipment. 7. Produced 370 units of inventory of which 270 units were sold at a price of $13 each. 43:02 Required Prepare an income statement and a balance sheet in accordance with GAAP ok nces Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) SOLOMON COMPANY Balance Sheet as of 12/31/2018 Assets Cash 1,080 Finished goods inventory 1,080 $ Total assets Equity Retained earnings 4,100 Common stock 10 of 15

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