Paid $3,300 cash to

Prepare a GAAP-based income statement and balance sheet for Benson Company for year 1, for the below scenario: c. Benson is a manufacturing company. The $38,400 was paid to purchase the following items: (1) Paid $3,300 cash to purchase materials that were used to make products during the year. (2) Paid $1,860 cash for wages of factory workers who made products during the year. (3) Paid $13,040 cash for salaries of sales and administrative employees. (4) Paid $20,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a four-year life and a $2,200 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,300 units of product. The revenue was earned when Lang sold 1,950 units of product to its customers. Income Statement Balance Sheet Prepare an Income Statement. BENSON COMPANY Income Statement for Year 1 Sales revenue $ Cost of goods sold Gross margin $ Administrative expenses 49,400 (7,878) 41,522 (13,040) Net income $ 28,482 Prepare a balance sheet. (Amounts to be deducted should be indi BENSON COMPANY Balance Sheet as of 12/31/Year 1 Assets $ Cash Manufacturing equipment Finished goods inventory 49,000 20,200 Total assets $ 69,200 Equity Common stock Retained earnings $ 38,000 28,482 Total equity $ 66,482 The following information applies to the questions displayed below.) Benson Company began operations on January 1, year 1, by issuing common stock for $38,000 cash. During year 1, Benson received $49,400 cash from revenue and incurred costs that required $38,400 of cash payments. epare a GAAP-based income statement and balance sheet for Benson Company for year 1, under each of the following independent enarios: Benson is in the car rental business. The $38,400 was paid to purchase automobiles. The automobiles were purchased on January 1, year 1, and have three-year useful lives, with no expected salvage value. Benson uses straight-line depreciation. The revenue was generated by leasing the automobiles. Complete this question by entering your answer in the tabs below