A company that uses the perpetual inventory system sold goods to a customer on account on June 16 for $119. The company has the following inventory information: June 1 Beginning Inventory 13 units at $5 each June 10 Purchase 15 units at $6 each June 11 Sale 8 units June 16 Sale 15 units The company uses the LIFO method of inventory costing. Which of the following journal entries correctly records the sale on June 16? The balances of select accounts of Elliott, Inc. as of December 31, 2024 are given below: Notes Payable-short-term $1,100 Salaries Payable 5,000 Notes Payable-long-term 25,000 Accounts Payable 3,100 Unearned Revenue 2,000 Interest Payable 2,200 The Unearned Revenue is the amount of cash received for services to be rendered in January, 2025. The Interest Payable is due on February 15, 2025. What are the total current liabilities shown on the balance sheet at December 31, 2024? Perpetual Company showed the following balances at the end of its first year: Cash $ 2,000 Prepaid insurance 3,500 Accounts payable 2,500 Accounts receivable 2,000 Notes payable 3,000 Furniture 1,000 Dividends 500 Accrued liabilities 16,000 Expenses 12,500 How much are the companies total current assets ? Everyday Wear Retail had the following balances and transactions during 2024 Beginning Inventory 10 units at $71 June 10 Purchased 40 units at $80 December 30 Sold 20 units December 31 Replacement cost $61 The company maintains its records of inventory on a perpetual basis using the first - in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory on December 31, 2024 using the lower-of-cost-or-market rule