Financial Accounting Valuation Of Fixed Assets Question And Answers Homework Help
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1. Compute the missing information from this post-closing trial balance.
Accounts Receivable 9,467
Prepaid Rent 5,000
Prepaid Insurance (A)
Accounts Payable $5,389
Wages Payable (B)
Common Stock 37,049
Retained Earnings 8,234
Total $52,356 $52,356
2.Journalize the following transactions using the perpetual inventory method.
Aug. 6 Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30.
Aug. 8 Purchased $2,611 of inventory for cash from Pillner Company.
Aug.15 Paid for August 6 purchase from Johnston.
Aug. 17 Purchased $1,743 of merchandise on account from Luis Company with Terms of 3/15, n/45.
3.Given the following information, prepare a balance sheet for
Isaiah s Tool Shed for the year ending December 31, 2012.
Cash $65,750 Retained Earnings $179,319
Common Stock $35,000 Equipment $27,500
Accounts Receivable $11,478 Accounts Payable $29,450
Land $30,000 Inventory $78,311
Prepaid Supplies $7,357 Income Taxes Payable $4,209
Office Computers $11,345 Other PPE $31,446
Accum. Depr. (all) $23,459 Prepaid Insurance $8,250
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4.Rick Company s beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows:
(Note:The company uses a perpetual system of inventory.)
Units Unit Price Total Cost
January 1 Beginning inventory 18 $24 $432
March 12 Sold 13
April 11 Purchase 45 $29 $1,305
June 20 Sold 33
Aug 16 Purchase 35 $27 $945
Sept 11 Sold 29
Total Cost of Inventory
Ending inventory is 23 units. $2,682
What is the cost of goods sold for Rick Company for 2012 using LIFO?
5.Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated, overstated, or correctly stated for Years 1 and 2.
Item Year 1 Year 2
Ending inventory ___________ _____________
Beginning inventory ___________ _____________
Cost of goods sold ___________ _____________
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