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Hobart Company incurred the following transactions during 2003. Show the financial statement effects of the transactions by completing the financial statement schedule provided.

1. Financial Statement

The Hobart Company incurred the following transactions during 2003:

a. Acquired $50,000 of cash capital from owners
b. Paid $10,000 to acquire manufacturing equipment
c. Paid $5,000 cash for materials used in production
d. Paid $2,000 for wages of production workers
e. Paid $8,000 in general, selling, and administrative costs
f. Recognized $1,000 of depreciation on the manufacturing equipment
g. Sold inventory for $18,000 cash
h. The cost of the inventory sold was $6,500

Show the financial statement effects of the transactions by completing the financial statement schedule provided.
Balance Sheet Income Statement

T/A Cash Inven Equip = Cont. Cap Ret Ear Rev. - Exp. = NI

A
B
C
D
E
F
G
H

Solution Summary

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