# acc 510 module 2 home work

1.

value:

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acc 510 module 2 home work

2.35 points

Use the information in the following adjusted trial balance for the Webb Trucking Company.

Account Title

Debit

Credit

Cash

\$

7,300

Accounts receivable

16,500

Office supplies

2,000

Trucks

197,000

Accumulated depreciation—Trucks

\$

40,582

Land

75,000

Accounts payable

11,300

Interest payable

3,000

Long-term notes payable

52,000

K. Webb, Capital

183,638

K. Webb, Withdrawals

19,000

Trucking fees earned

134,500

Depreciation expense—Trucks

26,175

Salaries expense

63,080

Office supplies expense

7,398

Repairs expense—Trucks

11,567

Totals

\$

425,020

\$

425,020

(1)

Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5.) (Round your answer to 2 decimal places.)

Current ratio

(2)

Compare Webb’s current ratio with the industry average.

Webb’s current ratio is above the industry average.

Webb’s current ratio is below the industry average.

2.

value:

2.35 points

The following adjusted trial balance of Webb Trucking Company.

Account Title

Debit

Credit

Cash

\$

8,100

Accounts receivable

16,500

Office supplies

2,000

Trucks

158,000

Accumulated depreciation—Trucks

\$

32,548

Land

75,000

Accounts payable

12,100

Interest payable

3,000

Long-term notes payable

52,000

K. Webb, Capital

160,160

K. Webb, Withdrawals

19,000

Trucking fees earned

113,000

Depreciation expense—Trucks

20,993

Salaries expense

52,997

Office supplies expense

10,500

Repairs expense—Trucks

9,718

Totals

\$

372,808

\$

372,808

The K. Webb, Capital, account balance is \$160,160 at December 31, 2010.

(1)

Prepare the income statement for the year ended December 31, 2011. (Input all amounts as positive values. Omit the “\$” sign in your response.)

WEBB TRUCKING COMPANY

Income Statement

For Year Ended December 31, 2011

3.

value:

2.35 points

Account Title

Debit

Credit

Cash

\$

5,000

Accounts receivable

29,000

Office supplies

6,958

Trucks

190,000

Accumulated depreciation—Trucks

\$

39,140

Land

46,000

Accounts payable

9,000

Interest payable

20,000

Long-term notes payable

61,000

K. Webb, Capital

146,271

K. Webb, Withdrawals

17,000

Trucking fees earned

125,000

Depreciation expense—Trucks

25,245

Salaries expense

59,329

Office supplies expense

11,000

Repairs expense—Trucks

10,879

Totals

\$

400,411

\$

400,411

Using the above adjusted trial balance to prepare Webb Trucking Company’s classified balance sheet as of December 31, 2011. (Be sure to list the assets and liabilities in order of their liquidity. Negative amounts should be indicated by a minus sign. Omit the “\$” sign in your response.)

WEBB TRUCKING COMPANY

Balance Sheet

December 31, 2011

4

4.

value:

2.35 points

The following unadjusted trial balance contains the accounts and balances of Dalton Delivery Company as of December 31, 2011, its first year of operations.

a.

Unrecorded depreciation on the trucks at the end of the year is \$8,505.

b.

The total amount of accrued interest expense at year-end is \$8,000.

c.

The cost of unused office supplies still available at the year-end is \$600.

(1)

Use the above information about the company’s adjustments to complete a 10-column work sheet.(Leave no cells blank – be certain to enter “0” wherever required. Omit the “\$” sign in your response.)

DALTON DELIVERY COMPANY

Work Sheet

For Year Ended December 31, 2011

Trial Balance

Trial Balance

Income

Statement

Balance Sheet

& Statement of

Owner’s Equity

Account Title

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

\$

15,500

\$

Accounts receivable

18,500

Office supplies

1,600

Trucks

290,000

Accum. Depreciation–Trucks

\$

80,000

Land

170,000

Accounts payable

24,335

Interest payable

4,000

Long-term notes payable

150,000

V. Dalton, Capital

151,838

V. Dalton, Withdrawals

35,000

Delivery fees earned

283,495

Depreciation expense—Trucks

20,000

Salaries expense

119,068

Office supplies expense

11,000

Interest expense

4,000

Repairs expense—Trucks

9,000

Totals

\$

693,668

\$

693,668

Net Income

Totals

\$

(2.1)

Prepare the year-end closing entries for Dalton Delivery Company as of December 31, 2011. (Omit the “\$” sign in your response.)

General Journal

Debit

Credit

(Click to select)Delivery fees earnedDepreciation expense-trucksRepairs expense-trucksIncome summarySalaries expenseOffice supplies expenseV. Dalton, WithdrawalsInterest expense

(Click to select)V. Dalton, WithdrawalsIncome summaryOffice supplies expenseSalaries expenseRepairs expense-trucksDelivery fees earnedInterest expenseDepreciation expense-trucks

(Click to select)V. Dalton, WithdrawalsRepairs expense-trucksSalaries expenseInterest expenseDepreciation expense-trucksIncome summaryDelivery fees earnedOffice supplies expense

(Click to select)Repairs expense-trucksDelivery fees earnedOffice supplies expenseSalaries expenseInterest expenseV. Dalton, WithdrawalsDepreciation expense-trucksIncome summary

(Click to select)V. Dalton, WithdrawalsIncome summaryDelivery fees earnedOffice supplies expenseRepairs expense-trucksSalaries expenseInterest expenseDepreciation expense-trucks

(Click to select)Income summaryV. Dalton, WithdrawalsOffice supplies expenseRepairs expense-trucksInterest expenseDelivery fees earnedDepreciation expense-trucksSalaries expense

(Click to select)Income summaryV. Dalton, WithdrawalsOffice supplies expenseInterest expenseDepreciation expense-trucksDelivery fees earnedSalaries expenseRepairs expense-trucks

(Click to select)Interest expenseSalaries expenseIncome summaryDepreciation expense-trucksRepairs expense-trucksV. Dalton, WithdrawalsOffice supplies expenseDelivery fees earned

(Click to select)Repairs expense-trucksSalaries expenseV. Dalton, CapitalDelivery fees earnedDepreciation expense-trucksInterest expenseIncome summaryOffice supplies expense

(Click to select)Interest expenseDelivery fees earnedV. Dalton, CapitalSalaries expenseDepreciation expense-trucksRepairs expense-trucksIncome summaryOffice supplies expense

(Click to select)Office supplies expenseV. Dalton, WithdrawalsDepreciation expense-trucksSalaries expenseIncome summaryDelivery fees earnedV. Dalton, CapitalInterest expense

(Click to select)Office supplies expenseDelivery fees earnedV. Dalton, WithdrawalsInterest expenseDepreciation expense-trucksV. Dalton, CapitalIncome summarySalaries expense

(2.2)

Determine the capital amount to be reported on its year-end balance sheet. (Omit the “\$” sign in your response.)

Ending balance

\$

check my workeBook LinkView Hint #1

5.

value:

2.35 points

The following adjusted trial balance contains the accounts and balances of Showers Company as of December 31, 2011, the end of its fiscal year.

No.

Account Title

Debit

Credit

101

Cash

\$

18,000

126

Supplies

9,600

128

Prepaid insurance

2,000

167

Equipment

23,000

168

Accumulated depreciation—Equipment

\$

6,500

301

R. Showers, Capital

42,165

302

R. Showers, Withdrawals

6,000

404

Services revenue

43,400

612

Depreciation expense—Equipment

2,000

622

Salaries expense

25,302

637

Insurance expense

1,823

640

Rent expense

2,908

652

Supplies expense

1,432

Totals

\$

92,065

\$

92,065

(1)

Prepare the December 31, 2011, closing entries for Showers Company. (Omit the “\$” sign in your response.)

Date

General Journal

Debit

Credit

Dec. 31

(Click to select)Income summarySalaries expenseRent expenseAccounts receivableServices revenueR. Showers, WithdrawalsDepreciation expense-equipmentSupplies expense

(Click to select)Accounts receivableSupplies expenseDepreciation expense-equipmentIncome summaryRent expenseR. Showers, WithdrawalsServices revenueSalaries expense

(Click to select)Income summaryR. Showers, CapitalDepreciation expense-equipmentR. Showers, WithdrawalsRent expenseInsurance expenseSalaries expenseSupplies expense

(Click to select)Salaries expenseR. Showers, CapitalIncome summaryInsurance expenseRent expenseDepreciation expense-equipmentR. Showers,  WithdrawalsSupplies expense

(Click to select)R. Showers,  WithdrawalsRent expenseDepreciation expense-equipmentInsurance expenseSupplies expenseSalaries expenseIncome summaryR. Showers, Capital

(Click to select)Salaries expenseIncome summaryDepreciation expense-equipmentInsurance expenseRent expenseR. Showers,  WithdrawalsSupplies expenseR. Showers, Capital

(Click to select)Insurance expenseRent expenseSalaries expenseDepreciation expense-equipmentIncome summaryR. Showers, CapitalR. Showers,  WithdrawalsSupplies expense

(Click to select)Rent expenseR. Showers,  WithdrawalsInsurance expenseR. Showers, CapitalSupplies expenseSalaries expenseIncome summaryDepreciation expense-equipment

(Click to select)Supplies expenseSalaries expenseAccounts receivableServices revenueR. Showers, CapitalDepreciation expense-equipmentIncome summaryRent expense

(Click to select)Salaries expenseAccounts receivableIncome summaryR. Showers, CapitalRent expenseDepreciation expense-equipmentServices revenueSupplies expense

(Click to select)R. Showers, CapitalDepreciation expense-equipmentRent expenseSupplies expenseR. Showers, WithdrawalsIncome summarySalaries expenseServices revenue

(Click to select)R. Showers, CapitalServices revenueRent expenseDepreciation expense-equipmentIncome summaryR. Showers, WithdrawalsSupplies expenseSalaries expense

(2)

Prepare the December 31, 2011, post-closing trial balance for Showers Company. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities and Equity. Be sure to list the asset in order of liquidity. Omit the “\$” sign in your response.)

SHOWERS COMPANY

Post-Closing Trial Balance

December 31, 2011

Debit

Credit

(Click to select)Accumulated depreciation-equipmentEquipmentSuppliesCashPrepaid insurance

\$

(Click to select)Prepaid insuranceSuppliesAccumulated depreciation-equipmentCashEquipment

(Click to select)Prepaid insuranceCashSuppliesAccumulated depreciation-equipmentEquipment

(Click to select)SuppliesPrepaid insuranceEquipmentAccumulated depreciation-equipmentCash

(Click to select)EquipmentSuppliesCashAccumulated depreciation-equipmentPrepaid insurance

\$

(Click to select)Prepaid insuranceSuppliesEquipmentR. Showers, CapitalCash

Totals

\$

\$

5

6.

value:

2.35 points

The following two events occurred for Tanger Co. on October 31, 2011, the end of its fiscal year.

a.

Tanger rents a building from its owner for \$3,300 per month. By a prearrangement, the company delayed paying October’s rent until November 5. On this date, the company paid the rent for both October and November.

b.

Tanger rents space in a building it owns to a tenant for \$700 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November.

Required:

1.

Date

General Journal

Debit

Credit

Oct. 31

(Click to select)Salaries payableSalaries expenseAccounts receivablePrepaid insuranceRent expenseRent payableAccounts payableCash

(Click to select)Accounts receivablePrepaid insuranceSalaries payableRent payableRent expenseSalaries expenseAccounts payableCash

(Click to select)Salaries expensePrepaid insuranceRent receivableCashAccounts receivableSalaries payableAccounts payableRent earned

(Click to select)Accounts payableCashRent earnedRent receivableAccounts receivablePrepaid insuranceSalaries expenseSalaries payable

2.

Assuming Tanger does not use reversing entries, prepare journal entries to record Tanger’s payment of rent on November 5 and the collection of rent on November 8 from Tanger’s tenant. (Omit the “\$” sign in your response.)

Date

General Journal

Debit

Credit

Nov. 5

(Click to select)CashRent earnedAccounts receivable Rent payableAccounts payableRent expenseSalaries payablePrepaid insurance

(Click to select)Rent earnedCashAccounts payablePrepaid insurance Rent payableRent expenseAccounts receivableSalaries payable

(Click to select)Accounts receivableRent earnedPrepaid insuranceAccounts payableCashRent expenseRent payableSalaries payable

8

(Click to select)Rent expenseRent receivablePrepaid insuranceCashAccounts receivableRent earnedRent payableAccounts payable

(Click to select)Accounts receivableAccounts payableRent receivableRent expensePrepaid insuranceRent earnedRent payableCash

(Click to select)Rent receivableCashRent payablePrepaid insuranceAccounts receivableRent earnedAccounts payableRent expense

3.

Assuming that the company uses reversing entries, prepare reversing entries on November 1 and the journal entries to record Tanger’s payment of rent on November 5 and the collection of rent on November 8 from Tanger’s tenant. (Omit the “\$” sign in your response.)

Date

General Journal

Debit

Credit

Nov. 1

(Click to select)Accounts payableRent payableSalaries expenseAccounts receivableCashPrepaid insuranceRent expenseSalaries payable

(Click to select)Prepaid insuranceRent expenseRent payableCashSalaries expenseSalaries payableAccounts receivableAccounts payable

(Click to select)Rent earnedSalaries expenseCashRent receivablePrepaid insuranceAccounts receivableSalaries payableAccounts payable

(Click to select)Rent earnedAccounts payableSalaries expenseCashAccounts receivableRent receivablePrepaid insuranceSalaries payable

5

(Click to select)Accounts receivableRent expensePrepaid insuranceRent payableAccounts payableCashRent earnedSalaries payable

(Click to select)Rent earnedAccounts payablePrepaid insuranceAccounts receivableSalaries payableCashRent expenseRent payable

8

(Click to select)Rent earnedRent expenseCashRent payableSalaries payablePrepaid insuranceAccounts payableAccounts receivable

(Click to select)Rent earnedRent expenseSalaries payableCashRent payableAccounts payablePrepaid insuranceAccounts receivable

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7.

value:

2.35 points

Case A

Case B

Case C

Cash

\$

760

\$

865

\$

1,060

Short-term investments

0

0

500

Current receivables

0

945

660

Inventory

1,900

955

3,800

Prepaid expenses

1,200

562

900

Total current assets

\$

3,860

\$

3,327

\$

6,920

Current liabilities

\$

2,239

\$

1,120

\$

1,730

Compute the current ratio and acid-test ratio for each of the above separate cases. (Round your answers to 2 decimal places.)

Case A

Case B

Case C

Current ratio

Acid-test ratio

Which company case is in the best position to meet short-term obligations?

Case A

Case B

Case C

8.

value:

2.35 points

Using your accounting knowledge, find the missing amounts in the following separate income statements athrough e. (Amounts in parentheses do not require a minus sign in front of them. Input all amounts as positive values. Omit the “\$” sign in your response.)

a

b

c

d

e

Sales

\$

51,200

\$

36,250

\$

33,280

\$

\$

20,122

Cost of goods sold

Merchandise inventory (beginning)

4,864

2,936

6,989

6,124

2,073

Total cost of merchandise purchases

29,184

27,987

7,256

Merchandise inventory (ending)

()

(3,736

)

(8,489

)

(5,749

)

()

Cost of goods sold

28,684

11,241

7,056

Gross profit

5,826

38,198

Expenses

9,000

10,650

13,050

2,600

6,100

Net income (loss)

\$

\$

14,359

\$

(7,224

)

\$

35,598

\$

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9.

value:

2.35 points

Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of \$16,300 and credit terms of 3/10, n/60. The merchandise had cost Tuscon \$11,117. Taos paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.

1(a)

General Journal

Debit

Credit

(Click to select)Salaries payableCost of goods soldCashAccounts receivableSalesAccounts payableMerchandise inventorySales discounts

(Click to select)Merchandise inventorySales discountsAccounts receivableSalaries payableSalesCashCost of goods soldAccounts payable

1(b)

General Journal

Debit

Credit

(Click to select)SuppliesAccounts payableAccounts receivableCashSales discountsMerchandise inventoryCost of goods soldSalaries payable

(Click to select)Accounts payableSales discountsSalaries payableMerchandise inventoryCashAccounts receivableSuppliesCost of goods sold

(Click to select)CashMerchandise inventorySales discountsSalaries payableAccounts payableCost of goods soldSuppliesAccounts receivable

2(a)

Prepare entries that the seller should record for the sale. (Omit the “\$” sign in your response.)

General Journal

Debit

Credit

(Click to select)CashSalesAccounts receivableSales discountsSalaries payableMerchandise inventoryAccounts payableSelling expenses

(Click to select)Salaries payableSales discountsMerchandise inventorySalesCashSelling expensesAccounts payableAccounts receivable

(Click to select)Merchandise inventorySalesCost of goods soldSales returns and allowancesAccounts payableAccounts receivableCashSales discounts

(Click to select)Sales returns and allowancesMerchandise inventoryAccounts receivableAccounts payableCost of goods soldCashSales discountsSales

2(b)

Prepare entries that the seller should record for the cash collection. (Omit the “\$” sign in your response.)

General Journal

Debit

Credit

(Click to select)CashMerchandise inventorySales allowanceUnearned revenueSalaries payableAccounts payableAccounts receivableSales discounts

(Click to select)Accounts payableSales allowanceSalaries payableCashSales discountsAccounts receivableUnearned revenueMerchandise inventory

(Click to select)Accounts payableMerchandise inventorySales allowanceAccounts receivableSales discountsUnearned revenueCashSalaries payable

3.

Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 11% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Use 365 days a year. Round your intermediate calculations and final answer to 2 decimal places. Omit the “\$” sign in your response.)

\$

10.

value:

2.35 points

The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use these account balances along with the additional information to journalize (a) adjusting entries and (b) closing entries. Deacon Co. uses a perpetual inventory system.

Debit

Credit

Merchandise inventory

\$

32,800

Prepaid selling expenses

6,000

J.Deacon, Withdrawals

2,400

Sales

\$

590,400

Sales returns and allowances

22,435

Sales discounts

6,282

Cost of goods sold

290,477

Sales salaries expense

64,944

Utilities expense

18,893

Selling expenses

50,774

130,478

Accrued sales salaries amount to \$1,700. Prepaid selling expenses of \$2,400 have expired. A physical count of year-end merchandise inventory shows \$32,177 of goods still available.

Deacon Co. uses a perpetual inventory system.

Date

General Journal

Debit

Credit

Dec. 31

(Click to select)Salaries payablePrepaid expensesSales allowanceSelling expensesMerchandise inventorySales salaries expenseIncome summaryUtilities expenseCost of goods sold

(Click to select)Sales allowanceSelling expensesMerchandise inventorySalaries payableUtilities expenseIncome summarySales salaries expenseCost of goods soldPrepaid expenses

(Click to select)Selling expensesSales salaries expenseMerchandise inventoryCost of goods soldAccrued salariesUtilities expenseIncome summaryPrepaid selling expensesSales allowance

(Click to select)Merchandise inventoryCost of goods soldUtilities expenseAccrued salariesIncome summarySales allowanceSales salaries expensePrepaid selling expensesSelling expenses

(Click to select)Prepaid selling expensesSelling expensesSales salaries expenseUtilities expenseCost of goods soldSuppliesSalaries payableCashMerchandise inventory

(Click to select)Selling expensesCost of goods soldPrepaid selling expensesUtilities expenseSalaries payableSales salaries expenseMerchandise inventoryCashSupplies

Date

General Journal

Debit

Credit

Dec. 31

(Click to select)Utilities expenseSalaries expensesSelling expensesSales discountsIncome summarySalesCost of goods soldCommon stockDividends

(Click to select)DividendsSelling expensesCommon stockCost of goods soldSales discountsSalaries expensesUtilities expenseIncome summarySales

(Click to select)Cost of goods soldUtilities expenseSelling expensesIncome summaryAdministrative expensesCashSales returns and allowancesSales salaries expenseSales discounts

(Click to select)Income summarySales salaries expenseCost of goods soldSales discountsSelling expensesSales returns and allowancesUtilities expenseCashAdministrative expenses

(Click to select)Sales salaries expenseIncome summaryCashCost of goods soldAdministrative expensesUtilities expenseSales discountsSelling expensesSales returns and allowances

(Click to select)Sales discountsSelling expensesIncome summarySales returns and allowancesCost of goods soldAdministrative expensesSales salaries expenseUtilities expenseCash

(Click to select)CashSelling expensesSales salaries expenseSales returns and allowancesCost of goods soldAdministrative expensesIncome summarySales discountsUtilities expense

(Click to select)Selling expensesSales salaries expenseCashSales returns and allowancesUtilities expenseSales discountsCost of goods soldIncome summaryAdministrative expenses

(Click to select)Sales salaries expenseCashSales discountsUtilities expenseIncome summarySales returns and allowancesSelling expensesCost of goods soldAdministrative expenses

(Click to select)Sales salaries expenseCost of goods soldAdministrative expensesIncome summarySales discountsSales returns and allowancesSelling expensesUtilities expenseCash

(Click to select)Income summarySalaries expensesSalaries payablePrepaid selling expensesCommon stockDividendsSuppliesCashJ. Deacon, Capital

(Click to select)J. Deacon, CapitalIncome summaryDividendsPrepaid selling expensesCashSalaries expensesSuppliesSalaries payableCommon stock

(Click to select)DividendsJ. Deacon, CapitalSuppliesJ. Deacon, WithdrawalsAccounts payableSalaries expensesSalaries payableCommon stockPrepaid selling expenses

(Click to select)SuppliesJ. Deacon, CapitalSalaries payableAccounts payablePrepaid selling expensesJ. Deacon, WithdrawalsSalaries expensesCommon stockDividends

11.

value:

2.35 points

A company reports the following sales related information: Sales (gross) of \$109,000; Sales discounts of \$2,800; Sales returns and allowances of \$8,000; Sales salaries expense of \$5,100.

Prepare the net sales portion of the company’s multiple-step income statement. (Input all amounts as positive values. Omit the “\$” sign in your response.)

Multiple-Step Income Statement

(Click to select)Cost of salesSalesSales returns and allowancesOther expenseSales discounts

\$

(Click to select)Less: Sales returns and allowancesLess: Sales discountsAdd: Sales returns and allowancesAdd: Sales discountsSales

\$

(Click to select)Less: Sales discountsAdd: Sales discountsLess: Sales returns and allowancesSalesAdd: Sales returns and allowances

Net sales

12.

value:

2.35 points

Chess Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.

2011

2010

LIFO inventory

\$

290

\$

240

LIFO cost of goods sold

870

810

FIFO inventory

360

265

FIFO cost of goods sold

825

—

Current assets (using LIFO)

350

320

Current liabilities

170

150

1.

Compute its current ratio, inventory turnover, and days’ sales in inventory for 2011 using (a) LIFO numbers and (b) FIFO numbers. (Use 365 days a year. Do not round intermediate calculations and round your final answers to 1 decimal place.)

Current ratio

Inventory

turnover

Days’ sales

in inventory

LIFO

times

days

FIFO

times

days

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Top of Form

Ringo Company had \$940,000 of sales in each of three consecutive years 2010–2012, and it purchased merchandise costing \$520,000 in each of those years. It also maintained a \$240,000 physical inventory from the beginning to the end of that three-year period. In accounting for inventory, it made an error at the end of year 2010 that caused its year-end 2010 inventory to appear on its statements as \$220,000 rather than the correct \$240,000.

13.

value:

2.36 points

1.

Determine the correct amount of the company’s gross profit in each of the years 2010 – 2012. (Omit the “\$” sign in your response.)

2010

2011

2012

Gross profit

\$

\$

\$

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14.

value:

2.36 points

2.

Prepare comparative income statements to show the effect of this error on the company’s cost of goods sold and gross profit for each of the years 2010−2012. (Input all amounts as positive values. Omit the “\$” sign in your response.)

RINGO COMPANY

Comparative Income Statements

Year 2010

Year 2011

Year 2012

(Click to select)SalesBeginning inventoryGoods available for saleEnding inventoryCost of purchases

\$

\$

\$

Cost of goods sold

(Click to select)Beginning inventoryEnding inventorySalesAccounts payableGood available for sale

(Click to select)Ending inventoryAccounts payableCost of purchasesGood available for saleSales

(Click to select)SalesCost of purchasesGood available for saleEnding inventoryBeginning inventory

(Click to select)SalesGood available for saleCost of purchasesEnding inventoryBeginning inventory

Cost of goods sold

Gross profit

\$

\$

\$

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Bottom of Form

16. 15.

value:

2.36 points

Duke Associates, antique dealers, purchased the contents of an estate for \$37,600. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates’ warehouse was \$1,250. Duke Associates insured the shipment at a cost of \$160. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of \$500.

Determine the cost of the inventory acquired from the estate. (Omit the “\$” sign in your response.)

Cost of inventory

\$

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value:

2.36 points

Harold Co. reported the following current-year purchases and sales data for its only product.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

135

units

@ \$11.40

=

\$

1,539

Jan.

10

Sales

125

units

@\$41.40

Mar.

14

Purchase

285

units

@ \$16.40

=

4,674

Mar.

15

Sales

175

units

@\$41.40

July

30

Purchase

435

units

@ \$21.40

=

9,309

Oct.

5

Sales

265

units

@\$41.40

Oct.

26

Purchase

635

units

@ \$26.40

=

16,764

Totals

1,490

units

\$

32,286

565

units

Assume that ending inventory is made up of 120 units from the March 14 purchase, 170 units from the July 30 purchase, and all 635 units from the October 26 purchase. Using the specific identification method, calculate the following. (Omit the “\$” sign in your response.)

(a) Cost of goods sold

\$

(b) Gross profit

\$

17.

value:

2.36 points

Ripken Company’s ending inventory includes the following items.

Per Unit

Product

Units

Cost

Market

Helmets

33

\$

55

\$

51

Bats

26

73

79

Shoes

47

92

96

Uniforms

51

37

37

Compute the lower of cost or market for ending inventory applied separately to each product. (Omit the “\$” sign in your response.)

Product

LCM applied

to products

Helmets

\$

Bats

Shoes

Uniforms

Total inventory at LCM

\$

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• 275 word/double-spaced page
• 12 point Arial/Times New Roman
• Double, single, and custom spacing

Our custom human-written papers from top essay writers are always free from plagiarism.

Your data and payment info stay secured every time you get our help from an essay writer.

Your money is safe with us. If your plans change, you can get it sent back to your card.

## How it works

1. 1
You give us the details
Complete a brief order form to tell us what kind of paper you need.
2. 2
We find you a top writer
One of the best experts in your discipline starts working on your essay.
3. 3
You get the paper done

## Samples from our advanced writers

Check out some essay pieces from our best essay writers before your place an order. They will help you better understand what our service can do for you.

## Perks of our essay writing service

We offer more than just hand-crafted papers customized for you. Here are more of our greatest perks.

• Swift delivery
Our writing service can deliver your short and urgent papers in just 4 hours!
• Professional touch
We find you a pro writer who knows all the ins and outs of your subject.
• Easy order placing/tracking
Create a new order and check on its progress at any time in your dashboard.
• Help with any kind of paper
Need a PhD thesis, research project, or a two-page essay? For you, we can do it all.
• Experts in 80+ subjects
• Calculations and code
We also do math, write code, and solve problems in 30+ STEM disciplines.

• ### What if I’m dissatisfied with the paper I get?

The average quality score at our professional custom essay writing service is 8.5 out of 10. The high satisfaction rate is set by our Quality Control Department, which checks all papers before submission. The final check includes:
• Compliance with initial order details.
• Plagiarism.
• Proper referencing.
If for some reason we happen to leave a mistake unnoticed, you are invited to request unlimited revisions of your custom-written paper. For more information, check our Revision Policy. We will do our best to make your experience with Familiar Essays enjoyable.
• ### I need an essay on the same day. Is it something you can do?

Sure. Our writing company offers a fast service with an 8-hour deadline for orders up to master’s level. Make sure to specify the deadline in the order form and our writers will write a paper within the indicated timeslot. Just proceed to submit your requirements here Once you order a custom-written essay, our managers will assign your order to the well-suited writer, who has the best skills and experience for preparing your specific assignment. You can also request one of these extra features:
• Choose the Writer’s Samples option – study 3 randomly-provided pages from orders that have been written by the assigned writer.
• Request a specific writer – choose an academic writer from the dropdown list in the order’s form (optional for returning customers).
You can be sure that your custom writing order will be accomplished by one of our 400+ professional academic writers. They all pass a series of tests to prove their writing prowess and hold the reputation of being the most professional in the industry. Want to make sure writer’s skills match your needs? Get more details on how to choose the appropriate author.
• ### How can I be sure your writing service is not a scam?

We understand that a shade of mistrust has covered the paper writing industry, and we want to convince you of our loyalty. Apart from high-quality writing services, we offer:
• The chances of students to boost writing skills in a quick and effective way.
• The opportunity to manage studies and free time in an enjoyable manner.
• The possibilities to improve overall academic performance.
Our custom writing company has been working for more than 12 years and always puts quality and clients’ needs first. Our operations are legally documented, we are easily accessible online and offline,
• ### Is it legal to use your professional writing service?

Yes. Custom writing help is not prohibited by any university or college. It’s a 100% legal way of getting professional assistance with paper writing. Hiring writers from an essay writing company is in many ways similar to consulting a tutor – we help you solve the writing issues at hand.