The Szakos Company Engaged in the Following Transactions During the Current

question 53

Essay

The Szakos Company engaged in the following transactions during the current year:
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. $\begin{array}{|l|l|l|l|l|l|l|c|c|c|c|c|c|c|c|}\hline&&&&&\text { Balance Sheet }&&&&&&\text { Income Statement }\\\hline& \text { Cash } & +& \text { Invent. } & + &\text { Equip. } & = & \begin{array}{c}\text { Comm. } \\\text { Stk. }\end{array} & +&\begin{array}{c}\text { Ret. } \\\text { Eam. }\end{array} & \text { Rev. } & -&\text { Exp. }&=&\text { NI } \\\hline a)\\\hline b)\\\hline c)\\\hline d)\\\hline e)\\\hline f)\\\hline g)\\\hline h)\\\hline \text { Total }\\\hline\end{array}$

---

Definitions:

Adolescent Girls

Young female individuals in the period of life transitioning from childhood to adulthood, typically aged between 10 and 19.

Sexual Fluidity

The concept that sexual attraction and preferences can change over time and are not fixed, indicating a spectrum of sexuality where individuals may experience shifts in whom they are attracted to.

Sexual-Orientation Mobility

The shifting of sexual attractions, behaviors, and identities over time.

Sexual Identification

The process of recognizing and defining oneself according to one's sexual orientation and preferences.