The following transactions pertain to 2018, the first-year operations of Jordan Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions.
Acquired $4,300 cash by issuing common stock. Paid $680 for materials used to produce inventory. Paid $1,820 to production workers. Paid $1,105 rental fee for production equipment. Paid $100 to administrative employees. Paid $111 rental fee for administrative office equipment. Produced 350 units of inventory of which 230 units were sold at a price of $13 each.
Required Prepare an income statement and a balance sheet in accordance with GAAP.