Expert answer:Accounting Exercises
Expert answer:HIsome Exercises in Accounting .see the Attachment.Thank you.
accou_2222.docx
acc_22222.docx
Unformatted Attachment Preview
Do It! Review 6-2
The accounting records of Sheridan Company show the following data.
Beginning inventory
2,710 units at $5
Purchases
7,470 units at $7
Sales
9,376 units at $10
Determine cost of goods sold during the period under a periodic inventory system using the FIFO
method, the LIFO method, and the average-cost method. (For calculation purposes, round
average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)
FIFO
Cost of goods sold
LIFO
$
$
Average-cost
$
Waterway Industries has been in business several years. At the end of the current year, the
unadjusted balances show:
Accounts Receivable
$294,000 Dr.
Sales Revenue
2,192,800 Cr.
Allowance for Doubtful Accounts
5,625 Cr.
Bad debts are estimated to be 7% of receivables. Record adjustment to Allowance for Doubtful
Accounts in a tabular summary. (Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g. (45).)
Assets
=
Liabiliti
+
es
Stockholders’ Equity
Allowance
for
Accounts
Receivable
Beg
.
Bal.
Adj
.
$
doubtful
accounts
Retained Earnings
=
$
+
Common
Stock
+
$
Revenue
$
Expense
$
Bad
debt
expen
se
Do It! Review 6-5
Teal Mountain Inc. reported the following in its 2017 and 2016 income statements.
2017
2016
$230,000
$200,000
147,200
128,000
Operating expenses
49,620
27,400
Income tax expense
18,000
7,000
$ 15,180
$ 37,600
Net sales
Cost of goods sold
Net income
Determine the company’s gross profit rate and profit margin for both years. (Round answers to 2
decimal places, e.g. 52.70.)
2017
Gross profit rate
Profit margin
2016
%
%
%
%
Brief Exercise 6-4
In its first month of operations, Bonita Industries made three purchases of merchandise in the
following sequence: (1) 240 units at $9, (2) 340 units at $11, and (3) 440 units at $12. Assuming
there are 140 units on hand at the end of the period, compute the cost of the ending inventory under
(a) the FIFO method and (b) the LIFO method. Bonita Industries uses a periodic inventory system.
The Ending Inventory
FIFO
LIFO
$
$
Brief Exercise 6-5
In its first month of operations, Swifty Corporation made three purchases of merchandise in the
following sequence: (1) 230 units at $4, (2) 330 units at $6, and (3) 430 units at $7. Assuming there
are 130 units on hand at the end of the period.
Compute the cost of the ending inventory under the average-cost method. (Round answer to 0
decimal places, e.g. 5,275.)
The cost of the ending inventory
$
Do It! Review 6-4
The following information is available for Pina Colada Corp. for the year ended December 31,
2017:
Other revenues and
gains
$9,000
Sales revenue
Other expenses and
losses
13,500
Operating expenses
Cost of goods sold
Other comprehensive
income
195,800
$669,500
Sales returns and
allowances
228,800
40,000
5,100
Prepare a multiple-step income statement for Pina Colada Corp. and comprehensive income
statement. The company has a tax rate of 30%. This rate also applies to the other
comprehensive income.
PINA COLADA CORP.
Income Statement
$
:
$
$
PINA COLADA CORP.
Comprehensive Income Statement
$
$
…
Purchase answer to see full
attachment
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades