Business, 28.02.2020 21:55 dudejustdont
Problem 5-19A Effect of different inventory cost flow methods on financial statements LO 5-1 The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash $ 80,100 Beginning inventory 33,000 (220 units @ $150) Common stock 50,000 Retained earnings 63,100 The following five transactions occurred in Year 2: First purchase (cash) 150 units @ $155 Second purchase (cash) 160 units @ $160 Sales (all cash): 410 units @ $320 Paid $38,000 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.
Answers: 2
Business, 22.06.2019 19:00
Lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal.
Answers: 3
Business, 22.06.2019 20:20
Carmen’s beauty salon has estimated monthly financing requirements for the next six months as follows: january $ 9,000 april $ 9,000 february 3,000 may 10,000 march 4,000 june 5,000 short-term financing will be utilized for the next six months. projected annual interest rates are: january 9 % april 16 % february 10 may 12 march 13 june 12 what long-term interest rate would represent a break-even point between using short-term financing and long-term financing?
Answers: 3
Business, 22.06.2019 21:40
Which of the following distribution systems offers speed and reliability when emergency supplies are needed overseas? a. railroadsb. airfreightc. truckingd. pipelinese. waterways
Answers: 2
Problem 5-19A Effect of different inventory cost flow methods on financial statements LO 5-1 The acc...
Computers and Technology, 13.03.2020 00:53
Computers and Technology, 13.03.2020 00:54
Computers and Technology, 13.03.2020 00:54
History, 13.03.2020 00:55
Mathematics, 13.03.2020 00:55