The following transactions pertain to year 1, the first-year operations of Adams Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. a. Acquired $4,800 cash by issuing common stock.
b. Paid $670 for materials used to produce inventory.
c. Paid $1,870 to production workers.
d. Paid $1,098 rental fee for production equipment.
e. Paid $140 to administrative employees.
f. Paid $117 rental fee for administrative office equipment.
g. Produced 340 units of inventory of which 270 units were sold at a price of $13 each.

Required:
Prepare an income statement and a balance sheet in accordance with GAAP.

Areal estate agent is considering changing her cell phone plan. there are three plans to choose from, all of which involve a monthly service charge of $20. plan a has a cost of $.42 a minute for daytime calls and $.17 a minute for evening calls. plan b has a charge of $.52 a minute for daytime calls and $.15 a minute for evening calls. plan c has a flat rate of $80 with 275 minutes of calls allowed per month and a charge of $.38 per minute beyond that, day or evening.a. determine the total charge under each plan for this case: 150 minutes of day calls and 70 minutes of evening calls in a month. (do not round intermediate calculations. round your answer to 2 decimal places. omit the "$" sign in your response.)c. if the agent will use the service for daytime calls, over what range of call minutes will each plan be optimal? (round each answer to the nearest whole number.include the indifference point itself in each answer.)d. suppose that the agent expects both daytime and evening calls. at what point (i.e., percentage of total call minutes used for daytime calls) would she be indifferent between plans a and b?