Balance as of 12/31/08 Accounts Cash 66,300 Accounts Receivable 2,450 Building 4
ID: 2377269 • Letter: B
Question
Balance as of 12/31/08
Accounts
Cash 66,300
Accounts Receivable 2,450
Building 450,250
Accumulated Depreciation 200,000
Inventory 185,700
Supplies 5,200
Capital Stock 300,000
Dividends 40,000
Purchases 736,200
Salaries Expense 76,400
Inventory ( January 1, 2008) 171,000
Operating Expense 110,100
Salaries Payable 2,600
Retaines Earnings 211,100
Freight In 3,500
Sales 972,400
Accounts payable 15,300
Depreciation Expense 40,000
Please show calculations equations
Questions 1: What is the Cost of goods sold ?
Question 2 : What is the amount of goods available for sale ?
Question 3 :What amount of inventory will be shown on the year end balance sheet ?
Questio 4 : After the temporary accounts are closed , what is the balance in retained earnings ?
Question 5 :What was the amount of total Assets ?
Question 6 :What is the amount of total Liabilities ?
Question 7 : Write the accounting equation , filling in the appropriate amounts . Does it balance ?
Explanation / Answer
1.Cost of goods sold refers to the inventory costs of those goods a business has sold during a particular period. Costs are associated...
2.Beginning Inventory $17,200
Plus
Purchases $60,400
Less
Purchase Discounts $3,000 and
Purchase Returns and Allowances $ 1,100
Plus
Freight In $600
Equals
$74,100 (Costs of Goods Available for Sale)
That amount less the ending inventory of $11,600 tells you that your cost of goods sold for the period is ($74,100 - $11,600) = $62,500
You ignore the freight out number for this calculation
3.Inventory Fluctuations
While
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