Question

Raybourn Company started year 1 with $124,000 in its cash and common stock accounts. During year 1, Raybourn paid $80,000 cash for employee compensation and $34,000 cash for materials.

Required
a. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Raybourn used the labor and materials to make 228 tables. Further, assume that Raybourn sold 200 of the tables it made. State the name(s) of the expense account(s) shown on the income statement.
b. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Raybourn used the labor and materials to provide medical services to 500 patients. State the name(s) of the expense account(s) shown on the income statement.



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  • CreatedFebruary 07, 2014
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