Financial Statements
1. Owner injected $ 850,000 in the Company
2. Paid $ 350,000 to purchase products A to resell to end consumers
3. Paid salaries of $ 282,200 to selling and administrative employees
4. Paid $ 100,000 to purchase furniture for the office
5. Paid $ 65,000 for the rent, electricity and telephone
6. Sold cash 80% of the products A for $ 500,000. Calculate the cost of the products sold.
7. Sold on account the remaining 20% of the products A for $ 150,000. Calculate the cost of the products sold.
Attachment:- Assignment.rar