WEEK 5 FINAL EXAM
kerydaBrief Exercise 7-1
Kraft Enterprises owns the following assets at December 31, 2014.
What amount should be reported as cash?
Cash in bank—savings account | 68,000 | Checking account balance | 17,000 | |||
Cash on hand | 9,300 | Postdated checks | 750 | |||
Cash refund due from IRS | 31,400 | Certificates of deposit (180-day) | 90,000 |
What amount should be reported as cash?
Cash to be reported | $ [removed] |
Brief Exercise 7-2
Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.
Prepare the required journal entries for Restin Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Prepare the required journal entries for Restin Co. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
June 1 | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
June 12 | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
[removed] | [removed] | [removed] |
Brief Exercise 8-2
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, (1) the company purchased 150 units at $34 each, (2) returned 6 units for credit, and (3) sold 125 units at $50 each.
Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
rief Exercise 8-6
Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
(1) | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
(2) | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
(3) | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
(To record sales) | |||
[removed] | [removed] | [removed] | |
[removed] | [removed] | [removed] | |
(To record cost of goods sold) |
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Units | Unit Cost | Total Cost | ||||||
April 1 inventory | 250 | $10 | $ 2,500 | |||||
April 15 purchase | 400 | 12 | 4,800 | |||||
April 23 purchase | 350 | 13 | 4,550 | |||||
1,000 | $11,850 |
Compute the April 30 inventory and the April cost of goods sold using the FIFO method.
Ending inventory | $ [removed] | |
Cost of goods sold | $ [removed] |
|
|
Brief Exercise 9-2
Floyd Corporation has the following four items in its ending inventory.
Determine the final lower-of-cost-or-market inventory value for each item.
Item | Cost | Replacement Cost | Net Realizable Value (NRV) | NRV less Normal Profit Margin | |||||||
Jokers | $2,000 | $2,050 | $2,100 | $1,600 | |||||||
Penguins | 5,000 | 5,100 | 4,950 | 4,100 | |||||||
Riddlers | 4,400 | 4,550 | 4,625 | 3,700 | |||||||
Scarecrows | 3,200 | 2,990 | 3,830 | 3,070 |
Determine the final lower-of-cost-or-market inventory value for each item.
Jokers | $ [removed] | |
Penguins | [removed] | |
Riddlers | [removed] | |
Scarecrows | [removed] |
Brief Exercise 9-3
Kumar Inc. uses a perpetual inventory system. At January 1, 2014, inventory was $214,000 at both cost and market value. At December 31, 2014, the inventory was $286,000 at cost and $265,000 at market value.
Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. | Account Titles and Explanation | Debit | Credit |
(a) | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] | |
(b) | [removed] | [removed] | [removed] |
[removed] | [removed] | [removed] |
Brief Exercise 9-8
Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000; net markdowns were $7,000; and sales revenue was $147,000. Compute ending inventory at cost using the conventional retail method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.)
Ending inventory using the conventional retail method | $ [removed] |
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