Stuart Company started year $1$ with $$285,000$ in its cash and common stock accounts. During year $1,$ Stuart paid $$213,750$ cash for

employee compensation and $$65,550$ cash for materials.

Required

a$.$ Determine the total amount of assets and the amount of expense shown on the year $1$ financial statements assuming Stuart used the

labor and materials to make $1,500$ chairs. Further, assume that Stuart sold $1,200$ of the chairs it made. State the name 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 Stuart used the

labor and materials to provide dental cleaning services to $500$ patients. State the name of the expense account$($s$)$ 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 $1$ financial statements assuming Stuart

used the labor and materials to make $1,500$ chairs. Further, assume that Stuart sold $1,200$ of the chairs it made. State the

name$($s$)$ of the expense account shown on the income statement.