Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:.
Purchased $232,000 of materials.
Used $167,040 of direct materials in production.
Incurred $417,600 of direct labor wages.
Incurred $167,000 of factory overhead.
Transferred $705,300 of work in process to finished goods.
Sold goods for $1,113,600.
Sold goods with a cost of $626,400.
Incurred $199,500 of selling expense.
Incurred $116,000 of administrative expense.
Using the information given, complete the following:.
a. Prepare the January 2014 income statement for LAE Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.

Why does the united states government provide tax breaks related to the amount of money companies spend on research and development? a. to provide incentives for companies to conduct research and development to allow antitrust authorities b. to challenge joint research efforts c. to protect the right of inventors d. to produce and sell their inventions e. to involve less government scrutiny than a government funded project

On july 1, 2016, killearn company acquired 103,000 of the outstanding shares of shaun company for $21 per share. this acquisition gave killearn a 40 percent ownership of shaun and allowed killearn to significantly influence the investee's decisions. as of july 1, 2016, the investee had assets with a book value of $6 million and liabilities of $1,468,500. at the time, shaun held equipment appraised at $140,000 above book value; it was considered to have a seven-year remaining life with no salvage value. shaun also held a copyright with a five-year remaining life on its books that was undervalued by $562,500. any remaining excess cost was attributable to goodwill. depreciation and amortization are computed using the straight-line method. killearn applies the equity method for its investment in shaun. shaun's policy is to declare and pay a $1 per share cash dividend every april 1 and october 1. shaun's income, earned evenly throughout each year, was $580,000 in 2016, $606,600 in 2017, and $649,200 in 2018. in addition, killearn sold inventory costing $93,000 to shaun for $155,000 during 2017. shaun resold $97,500 of this inventory during 2017 and the remaining $57,500 during 2018.a. determine the equity income to be recognized by killearn during each of these years. 2016 2017 2018b. compute killearn’s investment in shaun company’s balance as of december 31, 2018.

Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)