Determine the total amount of assets at the end of year two

Reference no: EM131957747

Problem

PhilCo started year 2 with $115,000 in its cash and common stock accounts. During year 2 PhilCo paid $86,250 cash for employee compensation. Assume this is the only transaction that occurred in year 2.

A. Determine the total amount of assets at the end of year 2, assuming PhilCo 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 PhilCo 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.

Reference no: EM131957747

Questions Cloud

Make the entry to record depreciation : Prepare the entry (if any) to correct the prior years' depreciation. Prepare the entry to record depreciation for 2015.

Importance of metacognition for students : Please discuss the importance of metacognition for students, and how it changes over time during their elementary school years. One paragraph please.

Chances that a son born of this couple : What are the chances that a son born of this couple would have hemophilia? What are the chances that a daughter born of this couple would have hemophilia?

Calculate the correct ending balance of cash on may : Peterson Company's general ledger shows a cash balance of $7, 850. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31.

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

Differences between mitosis and meiosis : 1) What are some differences between mitosis and meiosis?

What is the breakeven unit volume for the ogunquit : At a selling price of $800,000 each, what is the breakeven unit volume for the Ogunquit? What are the lessons learned from this case?

Metabolism is of clinical relevance : Discuss 3 associated bone diseases for which vitamin D metabolism is of clinical relevance.

Describe the stages of change for your chosen behavior : Describe the stages of change, processes of change and preferred intervention(s) for your chosen behavior.

User Account

All Pages