Chat with us, powered by LiveChat Product versus general, selling, and administrativ - Writemia

Product versus general, selling, and administrativ

Product versus general, selling, and administrative costsWalton Manufacturing Company was started on January 1, 2008, when it acquired $85,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing $10,000 and $54,000, respectively. The office furniture had a five-year useful life and a zero salvage value. The manufacturing equipment had a $4,000 salvage value and an expected useful life of five years. The company paid $11,000 for salaries of administrative personnel and $16,000 for wages to production personnel. Finally, the company paid $16,000 for raw materials that were used to make inventory. All inventory was started and completed during the year. Walton completed production on 7,000 units of product and sold 6,000 units at a price of $15 each in 2008. (Assume all transactions are cash transactions.)Requireda. Determine the total product cost and the average cost per unit of the inventory produced in 2008.b. Determine the amount of cost of goods sold that would appear on the 2008 income statement.c. Determine the amount of the ending inventory balance that would appear on the December 31, 2008, balance sheet.d. Determine the amount of net income that would appear on the 2008 income statement.e. Determine the amount of retained earnings that would appear on the December 31, 2008, balance sheet.f. Determine the amount of total assets that would appear on the December 31, 2008, balance sheet.g. Determine the amount of net cash flow from operating activities that would appear on the 2008 statement of cash flows.h. Determine the amount of net cash flow from investing activities that would appear on the 2008 statement of cash flows.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order