The owner’s initial investment consists of $38,170 cash and $46,030 in land in exchange for its common stock. The company’s $18,170 equipment purchase is paid in cash. Cash paid to employees is $1,980. The accounts payable balance of $8,630 consists of the $3,450 office supplies purchase and $5,180 in employee salaries yet to be paid. The company’s rent expense, telephone expense, and miscellaneous expenses are paid in cash. No cash has yet been collected on the $14,600 consulting revenue earned. Using the above information prepare a December statement of cash flows fo

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.