Using the above information, complete the following:
a. Prepare the January income statement for Air Temp Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations. Manufacturing company balance sheet Partial balance sheet data for Lawler Company at December 31, 2012, are as follows:
|
Finished goods inventory |
$23,000 |
Supplies |
$41,000 |
|
Prepaid insurance |
23,000 |
Materials inventory |
50,000 |
|
Accounts receivable |
60,000 |
Cash |
64,000 |
|
Work in process inventory |
90,000 |
Prepare the Current Assets section of Lawler Company’s balance sheet at