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Benson Company started year 1 with $ 1 0 5 , 0 0 0 in its cash and common stock accounts. During year 1 ,
Benson Company started year with $ in its cash and common stock accounts. During year Benson paid $ cash for
employee compensation and $ cash for materials.
Required
a Determine the total amount of assets and the amount of expense shown on the year financial statements assuming Benson used
the labor and materials to make chairs. Further, assume that Benson sold of the chairs it made. State the name of the
expense accounts shown on the income statement.
b Determine the total amount of assets and the amount of expense shown on the year financial statements assuming Benson used
the labor and materials to provide dental cleaning services to patients. State the name of the expense accounts shown on the
income statement.
Complete this question by entering your answers in the tabs below.
Determine the total amount of assets and the amount of expense shown on the year financial statements assuming Benson
used the labor and materials to make chairs. Further, assume that Benson sold of the chairs it made. State the
names of the expense account shown on the income statement.
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