Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 8, Problem 2R
To determine
Print the worksheet and the formulae.
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I'm new at this app and I really need your help because tomorrow is the deadline of our modules. Whoever receives this message please I'm begging you to help me. Thank you!
Raymond Autobody Shop has the following accounts:
A (Click the icon to view the accounts.)
Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110.
(Use the first available line under each section, Asset, Liabilities, etc., when selecting the accounts. If a box is not used, leave the box empty; do not select any labels.)
Balance Sheet Accounts
- X
More info
Assets
Liabilities
Equity
Accounts Payable
Service Revenue
Cash
Equipment
Utilities Expense
Common Stock
Automotive Supplies
Advertising Expense
Income Statement Accounts
Dividends
Unearned Revenue
(Part of Equity)
Retained Earnings
Revenues
Expenses
Print
Done
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.
Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31?
a. P59,000
b. P57,000
c. P61,600
d. P60,210
Chapter 8 Solutions
Excel Applications for Accounting Principles
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Similar questions
- please do not give handwritten answer thankuarrow_forwardOpen the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.arrow_forwardOpen the file VARCOST from the website for this book at cengagebrain.com. Enter the formulas where indicated on the worksheet. Enter your name in cell A1. Save the completed file as VARCOST2. Print the worksheet when done. Also print your formulas. Check figure: Absorption income (cell C31), 768,000.arrow_forward
- Open the file CVP from the website for this book at cengagebrain.com. Enter the formulas where indicated on the worksheet. Enter your name in cell A1. Save the solution as CVP2 and print the worksheet. Also print your formulas. Check figures: Break-even point in sales dollars (cell C35), 1,616,000; Net income (cell C38), 95,000.arrow_forwardDirections: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…arrow_forwardPlease see below.arrow_forward
- Attached is the numbers and spreadsheet for where the numbers are placed . Please help!arrow_forwardYou can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook. 7 Directions: 8 On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110. The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date. Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal has a separate worksheet. 9 10 HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer? 11 See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it willarrow_forwardRevise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 16,400 units 27 Number of Date Beginning March 12 June 5 Units Unit Cost Total Cost 3,500 10.30 $36,050 4,700 10.20 47,940 3,400 10.10 34,340 October 22 8,300 9.90 82,170 Totals 19,900 $200,500 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profitarrow_forward
- Looking for answers. Please inlcude all the calculation for my reference. Thanks! Make any adjustment necessary to inventory Analyze and review the following items and determine the appropriate journal entry. Record the journal entryarrow_forwardPlease make all three questions and answers able to be copied over to word to be able to edit the tablesarrow_forwardThe general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forward
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