Do not give image format Walton Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the followingtransactions.1. Issued common stock for $87,000.2. Paid $35,000 cash to purchase raw materials used to make products.3. Transferred $24,000 of raw materials to the production department.4. Paid $33,000 cash for labor used to make products.5. Paid $54,000 cash for overhead costs (assume actual and estimated overhead are the same).6. Finished work on products that cost $85,000 to make.7. Sold products that cost $69,000 to make for $95,500 cash.Requireda. Prepare the December 31, Year 1, balance sheet.b. Prepare the December 31, Year 1, income statement.Complete this question by entering your answers in the tabs below.Required A Required BPrepare the December 31, Year 1, balance sheet.WALTON MANUFACTURING COMPANYBalance Sheet for Year 11AssetsTotal assetsStockholders' equityS0< Prev7 of 9Next > a. Prepare the December 31, Year 1, balance sheet.o. Prepare the December 31, Year 1, income statement.Complete this question by entering your answers in the tabs below.Required A Required BPrepare the December 31, Year 1, income statement.WALTON MANUFACTURING COMPANYIncome Statement for Year 1$$00< Required ARequired. >

Income statement is one of the financial statements which shows all income and expenses of the…

Answered: Walton Manufacturing Company started…

Walton Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following transactions. 1. Issued common stock for $87,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Do not give image format

Walton Manufacturing Company started operations on January 1, Year 1. During Year 1, the company engaged in the following
transactions.
1. Issued common stock for $87,000.
2. Paid $35,000 cash to purchase raw materials used to make products.
3. Transferred $24,000 of raw materials to the production department.
4. Paid $33,000 cash for labor used to make products.
5. Paid $54,000 cash for overhead costs (assume actual and estimated overhead are the same).
6. Finished work on products that cost $85,000 to make.
7. Sold products that cost $69,000 to make for $95,500 cash.
Required
a. Prepare the December 31, Year 1, balance sheet.
b. Prepare the December 31, Year 1, income statement.
Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare the December 31, Year 1, balance sheet.
WALTON MANUFACTURING COMPANY
Balance Sheet for Year 11
Assets
Total assets
Stockholders' equity
S
0
< Prev
7 of 9
Next >

a. Prepare the December 31, Year 1, balance sheet.
o. Prepare the December 31, Year 1, income statement.
Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare the December 31, Year 1, income statement.
WALTON MANUFACTURING COMPANY
Income Statement for Year 1
$
$
0
0
< Required A
Required. >

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