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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