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Accounting_ExercisesnoIX.xlsx
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EXERCISES IX_A

Balance Sheet on Nov. 30, 2014
Assets Equities
Equipment 1,500 Paid-in Capital 4,000
Land 1,500 Retained Earnings 1,300
Raw materials Inventory 1,500 Loan Payable 3,000
Office Supplies Inventory 2,000 Salary payables 1,400
Accounts Receivable 3,000 Accounts payable 2,400
Cash, Bank 5,600 Unearned rent revenue 2,000
Prepaid expenses 1,000 Allowance for uncollectible accounts 2,000
Total assets 16,100 Total equities 16,100
ASSETS ACCOUNTS
CASH, BANK OFFICE SUPPLY INVENTORY RAW MATERIALS INVENTORY ACCOUNT RECEIVABLES EQUIPMENT LAND PREPAID EXPENSES
Dt Ct Dt Ct Dt Ct Dt Ct Dt Ct Dt Ct Dt Ct
EQUITY AND LIABILITIES ACCOUNTS
PAID IN CAPITAL RETAINED EARNINGS TAX PAYABLES ACCOUNTS PAYABLES LOAN PAYABLE SALARY PAYABLES UNEARNED RENT REVENUE
Dt CT Dt Ct Dt Ct Dt Ct Dt Ct Dt Ct Dt Ct
TEMPORARY ACCOUNTS
transactions
INCOME STATEMENT
EXPENSES REVENUES
Balance Sheet on Dec. 30, 2014
Assets Equities
Equipment Paid-in Capital
Land Retained Earnings
Raw materials Inventory Loan Payable
Office Supplies Inventory Salary payables
Accounts Receivable Accounts payable
Cash, Bank Unearned rent revenue
Prepaid expenses Allowance for uncollectible accounts
Total assets 0 Total equities 0

EXERCISE IX_B

FIFO method Valuation of Inventories
Units Price per Unit Total Cost of goods sold Ending balance
Beginning balance
Purchase Dec. 11
Purchase Dec. 23
Purchase Dec. 27
Total
Units Price per Unit Total
Sales revenues
Cost of Goods Sold for December
Gross Profit for December
Inventory cost on Dec. 31
LIFO method Valuation of Inventories
Units Price per Unit Total Cost of goods sold Ending balance
Beginning balance
Purchase Dec. 11
Purchase Dec. 23
Purchase Dec. 27
Total
Units Price per Unit Total
Sales revenues
Cost of Goods Sold for December
Gross Profit for December
Inventory cost on Dec. 31

Inventory_methods_IX_C

Amounts i USD
Monday Buys 3 cans for 35 cents
Tuesday Buys 4 cans for 30 cents
Wednesday Buys 4 cans for 40 cents
Thursday Sells 8 cans for 60 cents
number of cans purchased
total price for purchased cans
weighted average for purchased cans
LIFO method FIFO method Weighted average Specific identification Specific identification
Sales revenues
Cost of goods sold
Total CoGS - 0
Gross profit - 0
Ending inventory - 0

EXERCISES IX_D

Gross sales
Deduct: Sales returns and allowances
Cash discounts on sales
Net sales
Deduct: Cost of goods sold
Merchandise inventory, December 31, 2014
Purchases (gross)
Deduct: Purchase returns and allowances
Cash discounts on purchases
Net purchases
Add: Freight-in
Total cost of merchandise acquired
Cost of goods available for sale
Deduct: Merchandise inventory, December 31, 2015
Cost of goods sold
Gross profit