CH.7 E7-2,E7-3,E7-5 & CH.8 M8-10,M8-11,M8-13
maddogmania
unit_6_homework_template_acc111.xlsxE7-2
| E7-2 | SOLUTIONS! | ||||||||
| SOLUTIONS! | Interpreting Amounts Based on Income Statement Relationships | ||||||||
| Cases | Sales Revenue | Beginning Inventory | Purchases | Cost of Goods Available for Sale | Cost of Goods Sold | Cost of Ending Inventory | Gross Profit | ||
| A | $ 700 | $ 100 | $ 800 | $ 300 | |||||
| B | $ 900 | $ 200 | $ 800 | $ 150 | |||||
| C | $ 100 | $ 200 | $ 300 | $ 400 | |||||
| D | $ 800 | $ 600 | $ 650 | $ 250 | |||||
| E | $ 1,000 | $ 50 | $ 900 | $ 500 |
E7-3
| E7-3 | SOLUTIONS! | ||||||||||
| SOLUTIONS! | Inferring Missing Amounts Based on Income Statement Relationships | ||||||||||
| Cases | Sales Revenue | Beginning Inventory | Purchases | Total Available | Ending Inventory | Cost of Goods Sold | Gross Profit | Selling and General Expenses | Income from Operations | ||
| A | $ 800 | $ 100 | $ 700 | $ 500 | $ 200.00 | ||||||
| B | $ 900 | $ 200 | $ 700 | $ 150.00 | $ - 0 | ||||||
| C | $ 150 | $ 200 | $ 200 | $ 400 | $ 150.00 | ||||||
| D | $ 800 | $ 600 | $ 300 | $ 250.00 | $ 100.00 | ||||||
E7-5
| E7-5 | SOLUTIONS! | ||||||
| SOLUTIONS! | Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO and Weighted Average Cost | ||||||
| SOLUTIONS! | |||||||
| Date | Units | Unit Cost | Total Cost | ||||
| (1) | |||||||
| Date | Units | Unit Cost | Total Cost | ||||
| Goods Available for Sale | |||||||
| (2) | |||||||
| (3) | |||||||
| Date | Units | Unit Cost | Total Cost | ||||
| Date | Units | Unit Cost | Total Cost | ||||
| Date | Units | Unit Cost | Total Cost | ||||
M8-10
| M8-10 | SOLUTIONS! | |||
| SOLUTIONS! | Using the Interest Formula to Compute Intrest | |||
| Principal Amount on Note Receivable | Annual Interest Rate | Time Period (months) | Interest Earned | |
| A | $ 100,000 | 10% | 6 | |
| B | 9 | $ 3,000 | ||
| C | $ 40,000 | 10% | 12 | $ 4,000 |
M8-11
| M8-11 | SOLUTIONS! | |||
| SOLUTIONS! | Recording Notes Receivable Transations | |||
| DB | CR | |||
| A | ||||
| B | ||||
M8-13
| M8-13 | SOLUTIONS! | |||||||
| SOLUTIONS! | Reporting Accounts and Notes Receivable in a Classified Balance Sheet | |||||||
| CATEPILLAR INC | ||||||||
| Partial Balance Sheet | ||||||||
| As of December 31, 20XX | ||||||||
| (in millions) | ||||||||
| Assets: | Amount | |||||||
| Current Assets | ||||||||
| Cash and Cash Equivalents | ||||||||
| Accounts Receivable | ||||||||
| Allowance for Doubful Accounts | ||||||||
| Accounts Receivable, Net of Allowance | ||||||||
| Inventories | ||||||||
| Notes Receivable, current | ||||||||
| Other Current Assets | ||||||||
| Total Current Assets |
