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Based on journal entries below for 2015 and 2016, what is the ASSETS TOTAL in 2016? Apply FIFO. 2015 You contributed $100 cash to start business You purchased 6 products @ $10, with A/P You sold 4 products @$30 with cash. Record COGS (FIFO) O 315 O 320 O 330 340 2016 You contributed $60 cash to your business You purchased 2 products @ $15, with Cash You sold 3 products @$30 with AR Record COGS (FIFO) You paid $30 to your supplier. You received $50 from your customer.

Based on journal entries below for 2015 and 2016, what is the ASSETS TOTAL in 2016? Apply FIFO. 2015 You contributed $100 cash to start business You purchased 6 products @ $10, with A/P You sold 4 products @$30 with cash. Record COGS (FIFO) O 315 O 320 O 330 340 2016 You contributed $60 cash to your business You purchased 2 products @ $15, with Cash You sold 3 products @$30 with AR Record COGS (FIFO) You paid $30 to your supplier. You received $50 from your customer.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on journal entries below for 2015 and 2016, what is the ASSETS TOTAL in 2016? Apply FIFO. 2015 You contributed $100 cash to start business You purchased 6 products @ $10, with A/P You sold 4 products @$30 with cash Record COGS (FIFO) O 315 O 320 330 340 2016 You contributed $60 cash to your business You purchased 2 products @ $15, with Cash You sold 3 products @$30 with AR Record COGS (FIFO) You paid $30 to your supplier. You received $50 from your customer.
Transcribed Image Text:Based on journal entries below for 2015 and 2016, what is the ASSETS TOTAL in 2016? Apply FIFO. 2015 You contributed $100 cash to start business You purchased 6 products @ $10, with A/P You sold 4 products @$30 with cash Record COGS (FIFO) O 315 O 320 330 340 2016 You contributed $60 cash to your business You purchased 2 products @ $15, with Cash You sold 3 products @$30 with AR Record COGS (FIFO) You paid $30 to your supplier. You received $50 from your customer.
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