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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings. $19, 100 18,275 (215 units @ $85) 14,700 22,675 The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $87 2. Second purchase (cash) 200 units @ $95 3. Sales (all cash) 360 units @ $190

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings. $19, 100 18,275 (215 units @ $85) 14,700 22,675 The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $87 2. Second purchase (cash) 200 units @ $95 3. Sales (all cash) 360 units @ $190

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Req A Cost of goods sold Ending inventory Compute the cost of goods sold and ending inventory, assuming (1) FIFO c average cost flow. (Do not round intermediate calculations. Round your an Show Transcribed Text Req A Req B1 Salaries expense Income before tax Req A Show Transcribed Text Assets Req B1 Req A FIFO Req B1 Total assets Stockholders' equity Use a vertical model to show the Year 2 income statement under FIFO, LIF intermediate calculations. Round your answers to nearest whole dollar amc Total stockholders' equity Show Transcribed Text Req B2 WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 2 LIFO Req B1 3 Ending cash balance Req B2 Cash flows from operating activities LIFO FIFO Req B2 $ Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, al calculations. Round your answers to nearest whole dollar amount.) $ C 3 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO Req B2 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ć Weighted Average Req B3 0 $ 0 $ Req B3 Req B3 $ LIFO 0 < Req B1 FIFO Req B3 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 LIFO 0 Weighted Average 0 0 $ Use a vertical model to show the Year 2 statement of cash flows under FIF( intermediate calculations. Round your answers to nearest whole dollar amc minus sign.) 0 $ Weighted Average 0 $ 0 0 0 0 0 0 $ Req Weighted Average 0 0 0
Transcribed Image Text:Req A Cost of goods sold Ending inventory Compute the cost of goods sold and ending inventory, assuming (1) FIFO c average cost flow. (Do not round intermediate calculations. Round your an Show Transcribed Text Req A Req B1 Salaries expense Income before tax Req A Show Transcribed Text Assets Req B1 Req A FIFO Req B1 Total assets Stockholders' equity Use a vertical model to show the Year 2 income statement under FIFO, LIF intermediate calculations. Round your answers to nearest whole dollar amc Total stockholders' equity Show Transcribed Text Req B2 WALL'S CHINA SHOP Income Statements For the Year Ended December 31, Year 2 LIFO Req B1 3 Ending cash balance Req B2 Cash flows from operating activities LIFO FIFO Req B2 $ Use a vertical model to show the Year 2 balance sheet under FIFO, LIFO, al calculations. Round your answers to nearest whole dollar amount.) $ C 3 WALL'S CHINA SHOP Balance Sheets As of December 31, Year 2 FIFO Req B2 0 Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ć Weighted Average Req B3 0 $ 0 $ Req B3 Req B3 $ LIFO 0 < Req B1 FIFO Req B3 WALL'S CHINA SHOP Statements of Cash Flows For the Year Ended December 31, Year 2 LIFO 0 Weighted Average 0 0 $ Use a vertical model to show the Year 2 statement of cash flows under FIF( intermediate calculations. Round your answers to nearest whole dollar amc minus sign.) 0 $ Weighted Average 0 $ 0 0 0 0 0 0 $ Req Weighted Average 0 0 0
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash. Beginning inventory Common stock Retained earnings $19, 100 18,275 (215 units @ $85) 14,700 22,675 The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $87 2. Second purchase (cash) 200 units @ $95 3. Sales (all cash) 360 units @ $190 4. Paid $13,100 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)
Transcribed Image Text:The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash. Beginning inventory Common stock Retained earnings $19, 100 18,275 (215 units @ $85) 14,700 22,675 The following five transactions occurred in Year 2: 1. First purchase (cash) 115 units @ $87 2. Second purchase (cash) 200 units @ $95 3. Sales (all cash) 360 units @ $190 4. Paid $13,100 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)
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