Problem 10-20 Effect of product versus period costs on financial statements L010-2 Gunn Manufacturing Company experienced the following accounting events during its first year of operation.th the exception ot the adjusting entries for depreciation. assume that all transactions are cash transactions. Acquired 556.000 cash by issuing common stock. Paid $?,300 for the materials used to make its products, all of which were started and completed during
the year. Paid salaries of $3,900 to selling and administrative employees. Paid wages of $6300 to production workem. Paid $?,300 for fumiture used in selling and administrative offices. The fumiture was acquired on
January 1. it had a $1,900 estimated salvage value and a three-year useful life. Paid $7,700 for manufacturing equipment. The equipment was acquired on January 1. It had a $1,100
estimated salvage value and a Moyear useful life. Sold inventory to customers for $25,800 that had cost$13,400 to make. .'"' S” 5"?!” Pr‘ Required
Show how these events would afiact the balance sheet, income statement. and statement of cash flows by recording them in a horizontal financial statements model as indicated here. Also, in the Cash Flow column, indicate whether the cash tlow is for operating activities (0A). investing activities (IA), or financing activities
(FA). Use NAlo indicate that an element is not afiecled by the event. The first event is remrdad as an
example. (Enter any decreases to account balances and cash outflows with a minus sign.) G Illlllllll
IIIIIIIIII
Illlllllll +
+
+
II
+ 56.000 FA

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