Homework Help is Here – Start Your Trial Now!
Business
Accounting
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 19,100 Beginning inventory 13,200 (150 units @ $88) Common stock 14,300 Retained earnings 18,000 The following five transactions occurred in Year 2: First purchase (cash): 115 units @ $90 Second purchase (cash): 200 units @ $98 Sales (all cash): 415 units @ $197 Paid $13,350 cash for salaries expenses Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Req B1 General Journal Req B1 T Accounts Req B2 General Journal Req B2 T Acccounts Req B3 General Journal Req B3 T Accounts Reg A Reg C Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bl End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal < Req B3 General Journal Req C>

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 19,100 Beginning inventory 13,200 (150 units @ $88) Common stock 14,300 Retained earnings 18,000 The following five transactions occurred in Year 2: First purchase (cash): 115 units @ $90 Second purchase (cash): 200 units @ $98 Sales (all cash): 415 units @ $197 Paid $13,350 cash for salaries expenses Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Req B1 General Journal Req B1 T Accounts Req B2 General Journal Req B2 T Acccounts Req B3 General Journal Req B3 T Accounts Reg A Reg C Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bl End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal < Req B3 General Journal Req C>

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 19,100 Beginning inventory 13,200 (150 units @ $88) Common stock 14, 300 Retained earnings 18,000 The following five transactions occurred in Year 2: First purchase (cash): 115 units @ $90 Second purchase (cash): 200 units @ $98 Sales (all cash): 415 units @ $197 Paid $13,350 cash for salaries expenses Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Req B1 General Journal Req B1 T Accounts Req B2 General Journal Reg B2 T Acccounts Req B3 General Journal Req B3 T Accounts Reg A Reg C Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bl End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal < Req B3 General Journal Req C >
Transcribed Image Text:The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 19,100 Beginning inventory 13,200 (150 units @ $88) Common stock 14, 300 Retained earnings 18,000 The following five transactions occurred in Year 2: First purchase (cash): 115 units @ $90 Second purchase (cash): 200 units @ $98 Sales (all cash): 415 units @ $197 Paid $13,350 cash for salaries expenses Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. Req B1 General Journal Req B1 T Accounts Req B2 General Journal Reg B2 T Acccounts Req B3 General Journal Req B3 T Accounts Reg A Reg C Record the Year 2 transactions in T-accounts assuming weighted-average cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole dollar amount.) Cash Merchandise Inventory Beg. Bal Beg. Bal End. Bal End. Bal Common Stock Retained Earnings Beg. Bal Beg. Bal End. Bal End. Bal Sales Revenue Cost of Goods Sold Beg. Bal Beg. Bal End. Bl End. Bal Salaries Expense Income Tax Expense Beg. Bal Beg. Bal End. Bal End. Bal < Req B3 General Journal Req C >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS