PLEASE HELP ME GUYS I NEED TO ANSWER ALL QUESTIONS I APPRECIATED THE HELP REALLY
ID: 2452893 • Letter: P
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PLEASE HELP ME GUYS I NEED TO ANSWER ALL QUESTIONS I APPRECIATED THE HELP REALLY LOVE U GUYS STRUGGLING LOT the answer incorrect
1.
ABC Company started year 1 with $135,000 in its cash and common stock accounts. During year 1, ABC paid $101,250 cash for employee compensation and $31,050 cash for materials.
Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming ABC used the labor and materials to make 1,500 chairs. Further, assume that ABC sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement.
Total asset
total expenses
name of the expenses
Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming ABC used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement
Total asset
total expenses
name of the expenses
Required:Explanation / Answer
Total Cash and Common stocks in the beginning of the year=$135000
Employee compensation during year 1= $ 101250
cash spent for materials= $ 31050
In the first case in the above question total chairs manufactured=1500
Total asset:- cash in hand=135000-101250-31050=$ 2700
common stock value of 300 chairs unsold =20250+6210=$26460
name of the expenses= material and labour
Total assets= unsold chair value+ balance cash
in the second case also
name of expenses are material and labour.
total asset considerd here as balance in cash= 2700
and balace amount spent on material and labour expended for provided dental services for 500 persons.
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