Required information [The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost $102,000 102,000 105,000 203 207 210 During 2021, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price $132,000 135,000 not sold 211 $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 212 213 138,000 142,500 214 215 not sold 147,000 148,500 216 217 218 not sold 219 Required: 1. Calculate 2021 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Specific Identification Ending inventory Cost of goods sold Next > of 5

Required information [The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost $102,000 102,000 105,000 203 207 210 During 2021, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price $132,000 135,000 not sold 211 $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 212 213 138,000 142,500 214 215 not sold 147,000 148,500 216 217 218 not sold 219 Required: 1. Calculate 2021 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Specific Identification Ending inventory Cost of goods sold Next > of 5

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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Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Assume GCI uses a perpetual inventory system. Saved 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities ++ Stockholders' Equity
Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. 2. 3. 4. Truck #1 has a list price of $40,350 and is acquired for a cash payment of $37,391. Truck #2 has a list price of $43,040 and is acquired for a down payment of $5,380 cash and a zero-interest-bearing note with a face amount of $37,660. The note is due April 1, 2021. Concord would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. Truck #3 has a list price of $43,040. It is acquired in exchange for a computer system that Concord carries in inventory. The computer system cost $32,280 and is normally sold by Concord for $40,888. Concord uses a perpetual inventory system. Truck #4 has a list price of $37,660. It is acquired in exchange for 900 shares of common stock in Concord Corporation. The…
Baris Company had no inventory at the beginning of 2023. Baris bought two identical electric bicycles on credit with terms 3/10, n/30 for $2,400 on January 1, 2023. On January 6, Baris paid for both bicycles. On January 20, Baris sold one bicycle to E. Burke for $1,700 on credit, with terms 2/10, n/30. Burke paid for the bicycle on January 28. Required: Provide the balances that would appear in each of the following accounts related to the transactions described above as of January 31, 2023: Account Balance as of Jan. 31, 2023 Accounts payable Accounts receivable Cost of goods sold Sales revenue Sales discounts Inventory How much net cash did Baris pay or receive as a result of the transactions described above? In other words, by how much did cash change as a result of the transactions? What would be the change in current assets as a result of these transactions? What would be the change in current liabilities as a result of these transactions? What would be the following reported…
Jericho Swings purchased 3 swing sets from Playscapes Manufacturing for $1,000 a piece on June 1, 2020. Jericho sold one of the swing sets for $1,500 dollars cash on July 5, 2020. Jericho uses the perpetual inventory method. Record the July 5th sale of the swing set. Debit choose your answer... type your answer... Credit choose your answer... type your answer... AND Debit choose your answer... type your answer... Credit choose your answer... type your answer...
8. Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, as follows: Car ID Cost 203 RM 90,000 207 210 During 2024, each of the three autos sold for RM120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost 211 RM 90,000 212 90,000 213 91,500 214 93,000 215 96,000 94,500 99,000 216 217 218 219 90,000 93,000 96,300 102,000 Selling Price RM 120,000 123,000 not sold 126,000 130,500 not sold 135,000 136,500 not sold Required: Calculate ending inventory and cost of goods sold assuming: a. FIFO and a periodic inventory system. b. FIFO and perpetual system