Perez Company started year $2$ with $$75,000$ in its cash and common stock accounts. During year $2$ Perez paid $$56,250$ cash for employee compensation. Assume this is the only transaction that occurred in year $2.$

Required

Determine the total amount of assets at the end of year $2,$ assuming Perez is a manufacturing company and the employees were paid to make products.

Determine the amount of expense recognized on the year $2$ income statement, assuming Perez is a manufacturing company and the employees were paid to make products.

Determine the total amount of assets at the end of year $2,$ assuming Perez is a service company.

Determine the amount of expense recognized on the year $2$ income statement, assuming Perez is a service company. Perez Company started year $2$ with $$75,000$ in its cash and common stock accounts. During year $2$ Perez paid $$56,250$ cash for

employee compensation. Assume this is the only transaction that occurred in year $2.$

Required

a$.$ Determine the total amount of assets at the end of year $2,$ assuming Perez is a manufacturing company and the employees were

paid to make products.

b$.$ Determine the amount of expense recognized on the year $2$ income statement, assuming Perez is a manufacturing company and

the employees were paid to make products.

c$.$ Determine the total amount of assets at the end of year $2,$ assuming Perez is a service company.

d$.$ Determine the amount of expense recognized on the year $2$ income statement, assuming Perez is a service company.

c$.$ Total assets

d$.$ Total expenses