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I cannot figure out value of cash for the balance sheet. It is not 4,100 and it is not 4,237. The following transactions pertain to
I cannot figure out value of cash for the balance sheet. It is not 4,100 and it is not 4,237.
The following transactions pertain to year 1, the first-year operations of Benson Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $700 for materials used to produce inventory. 3. Paid $1,840 to production workers. 4. Paid $839 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $109 rental fee for administrative office equipment. 7. Produced 310 units of inventory of which 160 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Answer is complete but not entirely correct. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a balance sheet in accordance with GAAP. (Do not round your intermediate calculations.) BENSON COMPANY Balance Sheet as of 12/31/Year 1 Assets Cash $ 4,237 X $ $ 1,635 5,872 Finished goods inventory Total assets Equity Common stock Retained earnings $ 4,100 137 Total equity 4,237Step by Step Solution
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