1. From the adjusted trial balance for Worker Products Company given below, prepare a multiple-step income statement in good form.
Worker Products Company
Adjusted Trial Balance
December 31
DebitCredit
Cash $9,400
Accounts receivable25,000
Merchandise inventory 36,000
Office supplies 900
Store equipment 75,000
Accumulated depreciation – store equipment $22,000
Office equipment 60,000
Accumulated depreciation -office equipment 15,000
Accounts payable 42,000
Notes payable 10,000
F. Worker, Capital 110,700
F. Worker, Withdrawals 48,000
Sales 325,000
Sales discounts 6,000
Sales returns and allowances 16,500
Cost of goods sold 195,000
Sales salaries expense 32,500
Depreciation expense – store equipment 11,000
Depreciation expense – office equipment 7,500
Office supplies expense 1,300
Interest expense 600
Totals $524,700 $524,700
2. From the adjusted trial balance for Worker Products Company given below, prepare the necessary closing entries.
Worker Products Company
Adjusted Trial Balance
December 31
Debit Credit
Cash$ 9,400
Accounts receivable 25,000
Merchandise inventory 36,000
Office supplies 900
Store equipment 75,000
Accumulated depreciation – store equipment $22,000
Office equipment 60,000
Accumulated depreciation -office equipment 15,000
Accounts payable 42,000
Notes payable 10,000
F. Worker, Capital 110,700
F. Worker, Withdrawals 48,000
Sales 325,000
Sales discounts 6,000
Sales returns and allowances 16,500
Cost of goods sold 195,000
Sales salaries expense 32,500
Depreciation expense – store equipment 11,000
Depreciation expense – office equipment 7,500
Office supplies expense 1,300
Interest expense 600
Totals $524,700 $524,700
3. A company made the following merchandise purchases and sales during the month of May:
May 1 Purchased 380 units at$15 each
May 5 Purchased 270 units at$17 each
May 10 Sold400 units at $50 each
May 20 Purchased 300 units at $22 each
May 25 Sold 400 units at $50 each
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
4. A company made the following merchandise purchases and sales during the month of May:
May 1 Purchased 380 units at $15 each
May 5 Purchased 270 units at $17 each
May 10 Sold 400 units at $50 each
May 20 Purchased 300 units at $22 each
May 25 Sold 400 units at $50 each
There was no beginning inventory. If the company uses the FIFO periodic inventory method, what would be the cost of the ending inventory?
5. Flaxco purchases inventory from overseas and incurs the following costs: the cost of the merchandise is $50,000, credit terms are 2/10, n/30 that apply only to the $50,000; FOB shipping point freight charges are $1,500; insurance during transit is $500; and import duties are $1,000. Flaxco paid within the discount period and incurred additional costs of $1,200 for advertising and $5,000 for sales commissions. Compute the cost that should be assigned to the inventory.
A. $50,000
B. $53,000
C. $52,000
D. $51,500
E. $53,200
6. A company had inventory of 10 units at a cost of $20 each on November 1. On November 2, it purchased 10 units at $22 each. On November 6 it purchased 6 units at $25 each. On November 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold?
A. $470
B. $490
C. $450
D. $570
E. $520
7. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.
Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory150 units @ $10.00
5 Purchase220 units @ $12.00
10 Sales140 units @ $20.00
15 Purchase100 units @ $13.00
24 Sales150 units @ $21.00
A. $2,260
B. $3,180
C. $1,860
D. $3,580
E. $2,100
8. Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.
Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 150 units @ $10.00
5 Purchase 220 units @ $12.00
10 Sales 140 units @ $20.00
15 Purchase 100 units @ $13.00
24 Sales 150 units @ $21.00
A. $2,260
B. $3,180
C. $1,860
D. $3,580
E. $2,100
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.
Essays
At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.
Admissions
Thesis Writing Service
Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?
Editing
Custom Papers
Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.
Coursework
Essay Writing
Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.
Coursework
Coourse Work Writing
Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !
Coursework
Dissertation Writing Service
High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.