Determine the amount of total assets that would appear on the December 31, Year 1,...
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Accounting
Determine the amount of total assets that would appear on the December 31, Year 1, balance sheet.
Note: Do not round intermediate calculations.
Benson Manufacturing Company was started on January 1 , Year 1 , when it acquired $90,000 cash by issuing common stock. Benson immediately purchased office furniture and manufacturing equipment costing $7,700 and $25,800, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of three years. The company paid $11,400 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $10,600 for raw materials that were used to make inventory. All inventory was started and completed during the year. Benson completed production on 4,200 units of product and sold 3,260 units at a price of $15 each in Year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)
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