The Szakos Company Engaged in the Following Transactions During 2013

Essay

The Szakos Company engaged in the following transactions during 2013:
a) Acquired $50,000 of cash by issuing common stock to 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
Required:
Show the balance sheet and income statement effects of the transactions by completing the financial statement model provided.