whats the inventory tracking for this? Balance SheetEventsAssetsAccum DeprAcct Pay118,000.00CashAcct Rec17,500.00 $Inventory28,000.00EquipmentLandBuilding250,000.00 -Beginning Balances as of Dec 31, Year 11.Acquired $550,000 by signing a note payable with a local bank2. Sold 25,000 shares of $22 Common Stock for $1,500,0003. Purchased Equipment for $300,000Purchased Inventory on AcCount - 25,000 Units at $1.15 per unit5a. Sold 15,000 units at $3.50 on Account5b. COGS for Sales on Account$4257,000.00 $50,000.00 $248,333.00 $550,0001,500,000(300,000)$ 300,000$428,75028,75052,500(29,150)70,000 $Collect $70,000 on AccountPaid $117,250 of Accounts Payable. Purchased Inventory on ACCount - 170,000 Units at $1.50 per unit9a. Sold 175,000 units at $3.50 on Account9b. COGS for Sales on Account10. Collect $472,500 on AccountPaid $218,600 of Accounts Payable12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit13a. Sold 200,000 units at $3.50 on Account13b. COGS for Sales on Account14. Collect $735,000 on AccountPaid $494,150 of Accounts Payable16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit17. Paid Sales & Marketing Expenses of $30,000(70,000)(117,250)255,000(117,250)255,000612,500$4(472,500)(254,100)-1|-|-|-|-$472,500 $$ (218,600.00)$(218,600)$371,250371,250$700,000$|-|-|-(244,350)5.735,000 $(735,000)$(494,150.00)$$5.(494,150)345.000345,000.00|-|-|-|-(30,000)18. Paid Operating Expenses of $75,70819. Record Wages Payable of $40,00020. Paid Product Line Research & Development Expenses of $150,00021. Paid Advertising Expenses of $87,500(75,708)$(40,000)(150,000)(87,500)22. Made the yearly required payment on the note payable. The note carries a 7%$linterest rate and requires payments of $50,000 plus interest each December 31.(88,500)23. Record first year of Depreciation on Equipment Purchased in Year 2 with SalvageValue of $38,000 & useful life of 7 Yrs24. Declared a $10,000 cash dividend for stockholders25. Paid a $10,000 cash dividend for stockholdersBalance at end of Yr 2$37,429.00$(10,000)1,972,792 $105,000 $500,400 $ 300,000 $50,000 $250,000 F$45,762 $288,000Total AssetsTotal Liabilities & Eauity3,132,4303.132.430 etIncome StatementStatement of Cash FlowsLiabEquityAPIC100,000.00 $Div PayNotes PayWages PayCommon StockRetain EarningsAccount TitlesRevenueExpenseNet IncomeТуреAmount$200,000.00 $176,167.00550,000Financing550,00024550,000 $$ 1,500,000(300,000)950,000FinancingInvestingNon CashNon Cash52,500(29,150)52,50052,50029,150 $(29,150)Non CashOperating70,000Operating24(117,250)Non Cash24612,500(254,100)$(254,100)612,500612,500Non Cash254,100 $Non CashOperatingOperating472,50024(218,600)Non Cash700,000$700,000(244,350)700,000Non Cash244,350 $(244,350)Non CashOperating735,000Operating$ (494,150)Non Cash(30,000)(75,708)30,000 $75,708 $(30,000)(75,708)OperatingOperating(30,000)(75,708)(40,000)(150,000)(87,500)150,000 $87,500 $(150,000)(87,500)OperatingOperating(150,000)(87.500)2$(50,000)(38,500)$38,500 |$(38,500)Operating(88,500)(37,429)$37,429 |$(37,429)Non Cash10,000.00(10,000)10,000 $(10,000)Non Cash(10.000.00)FinancingNet Change in Cash(10,000)$ 1,755,792500,000 $(40,000) $750,000 $1,050,000 $584,4301,365,000 $956,737 $408,263

Name: whats the inventory tracking for this? Balance SheetEventsAssetsAccum
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Description: whats the inventory tracking for this? Balance SheetEventsAssetsAccum DeprAcct Pay118,000.00CashAcct Rec17,500.00 $Inventory28,000.00EquipmentLandBuilding250,000.00 -Beginning Balances as of Dec 31, Year 11.Acquired $550,000 by signing a note payable

Goods which are held for the resale by the business and the business deals with such type of…

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Business

Accounting

whats the inventory tracking for this?

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

whats the inventory tracking for this?

Balance Sheet
Events
Assets
Accum Depr
Acct Pay
118,000.00
Cash
Acct Rec
17,500.00 $
Inventory
28,000.00
Equipment
Land
Building
250,000.00 -
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
Purchased Inventory on AcCount - 25,000 Units at $1.15 per unit
5a. Sold 15,000 units at $3.50 on Account
5b. COGS for Sales on Account
$4
257,000.00 $
50,000.00 $
24
8,333.00 $
550,000
1,500,000
(300,000)
$ 300,000
$4
28,750
28,750
52,500
(29,150)
70,000 $
Collect $70,000 on Account
Paid $117,250 of Accounts Payable
. 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
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
13b. COGS for Sales on Account
14. Collect $735,000 on Account
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
(70,000)
(117,250)
255,000
(117,250)
255,000
612,500
$4
(472,500)
(254,100)
-1
|-
|-
|-
|-
$
472,500 $
$ (218,600.00)
$
(218,600)
$
371,250
371,250
$
700,000
$
|-
|-
|-
(244,350)
5.
735,000 $
(735,000)
$(494,150.00)
$
$
5.
(494,150)
345.000
345,000.00
|-
|-
|-
|-
(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
(75,708)
$
(40,000)
(150,000)
(87,500)
22. Made the yearly required payment on the note payable. The note carries a 7%
$
linterest rate and requires payments of $50,000 plus interest each December 31.
(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
Balance at end of Yr 2
$
37,429.00
$
(10,000)
1,972,792 $
105,000 $
500,400 $ 300,000 $
50,000 $
250,000 F$
45,762 $
288,000
Total Assets
Total Liabilities & Eauity
3,132,430
3.132.430

et
Income Statement
Statement of Cash Flows
Liab
Equity
APIC
100,000.00 $
Div Pay
Notes Pay
Wages Pay
Common Stock
Retain Earnings
Account Titles
Revenue
Expense
Net Income
Туре
Amount
$
200,000.00 $
176,167.00
550,000
Financing
550,000
24
550,000 $
$ 1,500,000
(300,000)
950,000
Financing
Investing
Non Cash
Non Cash
52,500
(29,150)
52,500
52,500
29,150 $
(29,150)
Non Cash
Operating
70,000
Operating
24
(117,250)
Non Cash
24
612,500
(254,100)
$
(254,100)
612,500
612,500
Non Cash
254,100 $
Non Cash
Operating
Operating
472,500
24
(218,600)
Non Cash
700,000
$
700,000
(244,350)
700,000
Non Cash
244,350 $
(244,350)
Non Cash
Operating
735,000
Operating
$ (494,150)
Non Cash
(30,000)
(75,708)
30,000 $
75,708 $
(30,000)
(75,708)
Operating
Operating
(30,000)
(75,708)
(40,000)
(150,000)
(87,500)
150,000 $
87,500 $
(150,000)
(87,500)
Operating
Operating
(150,000)
(87.500)
2$
(50,000)
(38,500)
$
38,500 |$
(38,500)
Operating
(88,500)
(37,429)
$
37,429 |$
(37,429)
Non Cash
10,000.00
(10,000)
10,000 $
(10,000)
Non Cash
(10.000.00)
Financing
Net Change in Cash
(10,000)
$ 1,755,792
500,000 $
(40,000) $
750,000 $
1,050,000 $
584,430
1,365,000 $
956,737 $
408,263

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