The Hobart Company incurred the following transactions during 2003:
a. Acquired $50,000of cash capital from owners
b. Paid $10,000 to acquire manufacturing equipment
c. Paicl$5,000cash 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 £18,000cash
h. The cost of theinventorysoldwas$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
