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  3. the following transactions pertain to 2018 the firstyear operations of...

Question: the following transactions pertain to 2018 the firstyear operations of...

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The following transactions pertain to 2018, the first-year operations of Franklin Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. Acquired $4,600 cash by issuing common stock. Paid $640 for materials used to produce inventory. Paid $1,910 to production workers. Paid $643 rental fee for production equipment. Paid $110 to administrative employees. Paid $105 rental fee for administrative office equipment. Produced 310 units of inventory of which 230 units were sold at a price of $12 each. Required Prepare a balance sheet in accordance with GAAP.

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