The Szakos Company Engaged in the Following Transactions During 2013

question 58

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.

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Definitions:

Projective Techniques

Psychological assessment tools that encourage subjects to project their feelings, thoughts, and perceptions onto ambiguous stimuli.

Ambiguous Stimuli

Ambiguous stimuli are materials used in psychological research that can be interpreted in multiple ways, often to study perception, cognition, or personality.

Personality

Refers to the combination of characteristics or qualities that form an individual's distinctive character.

Reliability Estimates

Measures that assess the consistency of a test or measurement tool across different situations and over time.