Kirsoff Company Assignment Help

Kirsoff company makes cbook readers. The company had the following amounts at the beginning of 2011
cash $660,000;
Raw materials inventory, $51,000;
work in process inventory, $18,000;
finished goods inventory, $43,000;
common stock, $583,000;
retained earnings, $189,000.
———- ————
772,000 772,000
======= =======
kirsoff experienced the following accounting events during 2011. other than the adjusting entries for depreciating, assume that all transactions are cash transactions.
1. paid $23, 000 of research and development costs.
2. paid $47,000 for raw materials that will be used to make ebook readers.
3. placed $83,000 for raw materials cost into the process of manufacturing ebook readers
4. paid $60,000 for salaries of selling and administrative employees
5. paid 91,000 for wages of production workers
6. paid $90,000 to purchase equipment used in selling and administrative offices
7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, 2011. It has a $10,000 salvage value and a five year life. The amount of depreciation is computed as [(cost-salvage)/useful life]. Specifically ($90,000-$10,000)/5=$16,000
8. paid $165,000 to purchase manufacturing equipment
9. recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, 2011. It has a $25,000 salvage value and a 7 year life. The amount of depreciation is computed as [(cost-salvage)/useful life]. Specifically, ($165,000-$25,000)/7=$20,000
10. paid $45,000 for rent and utilities cost on the manufacturing facility.
11. paid $70,000 inventory holding expense for completed ebook readers (rental of warehouse space, salaries of warehouse personnel, and other general store cost).
12. completed and transferred ebook readers that had a total cost of $240,000 from work and process inventory to finished goods
13. sold 1000 ebook readers for $420,000
14. it cost kirsoff $220,000 to make the ebook readers sold in event 13
a. show how this events affected the balance sheet income statement and statement of cash flows by recording them in a horizontal financial statement model
b. explain why kirsoff recognition of cost of goods sold had no impact on cash flow
c. prepare a schedule of cost of goods manufactured and sold, a formal income statement, and a balance sheet for the year

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