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Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100

Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100

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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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100 3. Sales (all cash): 355 units @ $190 4. Paid $13,400 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes
Transcribed Image Text:The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 3: $ 19,400 18,450 (205 @ $90) 14,700 23,150 1. First purchase (cash): 120 units @ $92 2. Second purchase (cash): 205 units @ $100 3. Sales (all cash): 355 units @ $190 4. Paid $13,400 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes
Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated by a minus sign. WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 FIFO Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 0 0 LIFO 0 0 0 Weighted Average $ 0 0 0 Show less
Transcribed Image Text:Use a vertical model to show the Year 3 statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Note: Do not round intermediate calculations. Round your answers to nearest whole dollar amount. Cash outflows should be indicated by a minus sign. WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 3 FIFO Cash flows from operating activities Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance $ 0 0 0 LIFO 0 0 0 Weighted Average $ 0 0 0 Show less
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