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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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can you fill out this inventory tracking?

Goods Available for Sale Price/ Cost of Goods Sold Ending Inventory Price/ Unit Total Price/ Units Unit Total Units Units Unit Total Beg Bal Purchases: Total NOTE: You will need to calculate your estimated COoGS for the budget template tab using the Weighted Avergae method discussed in LO5-6
Transcribed Image Text:Goods Available for Sale Price/ Cost of Goods Sold Ending Inventory Price/ Unit Total Price/ Units Unit Total Units Units Unit Total Beg Bal Purchases: Total NOTE: You will need to calculate your estimated COoGS for the budget template tab using the Weighted Avergae method discussed in LO5-6
Balance Sheet Income Statement Statement of Cash Flows Assets Liab Notes Pay Events Equity Acct Rec Inventory Building Аcct Pay Div Pay Wages Pay Retain Earnings Accum Depr 8,333.00 | $ Cash Equipment Land Common Stock ΑΡIC Account Titles Revenue Expense Net Income Туре Amount Beginning Balances as of Dec 31, Year 1 1.Acquired $550,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment for $300,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 17,500.00 | $ 28,000.00 257,000.00 | $ 550,000 1,500,000 (300,000) 24 50,000.00 | $ 250,000.00 118,000.00 200,000.00 $ 100,000.00 | $ 176,167.00 Financing $4 $ 1,500,000 $4 $4 550,000 550,000 550,000 $ Financing Investing 950,000 $4 28,750 300,000 (300,000) $4 52,500 28,750 Non Cash $4 Non Cash $4 (29,150) 52,500 52,500 52,500 5b. COGS for Sales on Account (29,150) $4 (29,150) $4 29,150 | $ Non Cash 70,000 |$ (117,250) (70,000) Operating Operating 6. Collect $70,000 on AcCount 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit 13a. Sold 200,000 units at $3.50 on Account 70,000 $4 $4 $ (117,250) (117,250) 255,000 $4 612,500 255,000 Non Cash $4 $4 612,500 (254,100) 612,500 612,500 (254,100) Non Cash (254,100) 254,100 $ Non Cash 472,500 $ (218,600) Operating Operating Non Cash Non Cash $4 (218,600) (472,500) 472,500 $4 $ (218,600.00) 371,250 $4 371,250 $4 $4 $4 (272,850) 700,000 700,000 700,000 700,000 272,850 $ $4 (735,000) 13b. COGS for Sales on Account (272,850) (272,850) $4 Non Cash 735,000| $ 14. Collect $735,000 on Account 15. Paid $494,150 of Accounts Payable 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 17. Paid Sales & Marketing Expenses of $30,000 18. Paid Operating Expenses of $75,708 19. Record Wages Payable of $40,000 20. Paid Product Line Research & Development Expenses of $150,000 21. Paid Advertising Expenses of $87,500 24 %24 Operating Operating 735,000 (494,150) $4 (494,150.00) (494,150) 345,000 $4 345,000.00 Non Cash (30,000) (75,708) 30,000 | $ 75,708 |$ $4 (30,000) $4 (75,708) (30,000) (75,708) (40,000) (150,000) (87,500) (30,000) (75,708) (40,000) (150,000) (87,500) Operating Operating $4 $4 $4 40,000 $4 40,000 | $ $4 150,000 $ Operating Operating (150,000) (150,000) $4 (87,500) $4 87,500 | $ $4 (87,500) 22. Made the yearly required payment on the note payable. The note carries a 7% $ interest rate and requires payments of $50,000 plus interest each December 31. 38,500 | $ (88,500) (50,000) $ (38,500) $ (38,500) Operating (88,500) 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders $ 37,429.00 (37,429) $ 37,429 | $ (37,429) Non Cash 10,000.00 (10,000) Non Cash $4 (10,000) 2,012,792 $ 2$ $4 (10,000.00) Financing Net Change in Cash $4 (10,000) $ 1,755,792 $4 Balance at end of Yr 2 105,000 | $ 471,900 $ 300,000 | $ 50,000 | $ 250,000 45,762 $ 288,000 | $ 500,000 $ 40,000 $ 750,000 $ 1,050,000 $ 515,930 1,365,000 $ 1,015,237 $ 349,763 Total Assets $ 3,143,930 Total Liabilities & Equity 3,143,930 %2A A A %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 A %2A 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24
Transcribed Image Text:Balance Sheet Income Statement Statement of Cash Flows Assets Liab Notes Pay Events Equity Acct Rec Inventory Building Аcct Pay Div Pay Wages Pay Retain Earnings Accum Depr 8,333.00 | $ Cash Equipment Land Common Stock ΑΡIC Account Titles Revenue Expense Net Income Туре Amount Beginning Balances as of Dec 31, Year 1 1.Acquired $550,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment for $300,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 17,500.00 | $ 28,000.00 257,000.00 | $ 550,000 1,500,000 (300,000) 24 50,000.00 | $ 250,000.00 118,000.00 200,000.00 $ 100,000.00 | $ 176,167.00 Financing $4 $ 1,500,000 $4 $4 550,000 550,000 550,000 $ Financing Investing 950,000 $4 28,750 300,000 (300,000) $4 52,500 28,750 Non Cash $4 Non Cash $4 (29,150) 52,500 52,500 52,500 5b. COGS for Sales on Account (29,150) $4 (29,150) $4 29,150 | $ Non Cash 70,000 |$ (117,250) (70,000) Operating Operating 6. Collect $70,000 on AcCount 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit 13a. Sold 200,000 units at $3.50 on Account 70,000 $4 $4 $ (117,250) (117,250) 255,000 $4 612,500 255,000 Non Cash $4 $4 612,500 (254,100) 612,500 612,500 (254,100) Non Cash (254,100) 254,100 $ Non Cash 472,500 $ (218,600) Operating Operating Non Cash Non Cash $4 (218,600) (472,500) 472,500 $4 $ (218,600.00) 371,250 $4 371,250 $4 $4 $4 (272,850) 700,000 700,000 700,000 700,000 272,850 $ $4 (735,000) 13b. COGS for Sales on Account (272,850) (272,850) $4 Non Cash 735,000| $ 14. Collect $735,000 on Account 15. Paid $494,150 of Accounts Payable 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 17. Paid Sales & Marketing Expenses of $30,000 18. Paid Operating Expenses of $75,708 19. Record Wages Payable of $40,000 20. Paid Product Line Research & Development Expenses of $150,000 21. Paid Advertising Expenses of $87,500 24 %24 Operating Operating 735,000 (494,150) $4 (494,150.00) (494,150) 345,000 $4 345,000.00 Non Cash (30,000) (75,708) 30,000 | $ 75,708 |$ $4 (30,000) $4 (75,708) (30,000) (75,708) (40,000) (150,000) (87,500) (30,000) (75,708) (40,000) (150,000) (87,500) Operating Operating $4 $4 $4 40,000 $4 40,000 | $ $4 150,000 $ Operating Operating (150,000) (150,000) $4 (87,500) $4 87,500 | $ $4 (87,500) 22. Made the yearly required payment on the note payable. The note carries a 7% $ interest rate and requires payments of $50,000 plus interest each December 31. 38,500 | $ (88,500) (50,000) $ (38,500) $ (38,500) Operating (88,500) 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders $ 37,429.00 (37,429) $ 37,429 | $ (37,429) Non Cash 10,000.00 (10,000) Non Cash $4 (10,000) 2,012,792 $ 2$ $4 (10,000.00) Financing Net Change in Cash $4 (10,000) $ 1,755,792 $4 Balance at end of Yr 2 105,000 | $ 471,900 $ 300,000 | $ 50,000 | $ 250,000 45,762 $ 288,000 | $ 500,000 $ 40,000 $ 750,000 $ 1,050,000 $ 515,930 1,365,000 $ 1,015,237 $ 349,763 Total Assets $ 3,143,930 Total Liabilities & Equity 3,143,930 %2A A A %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 A %2A 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24
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