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Accounting cycle Review 6 a- f On December 1, 2020, Sudy Company had the account balances shown below. Debit Credit Cash $5,200 Accumulated DepredationEquipment $1,100 Accounts Receivable 4,400 Accounts Payable 3,000 Inventory 1,000at Owner's Capital 29,300 Equipment 22,000 $33,400 $33,400 *{3,000 x $0.60] The following t'ansactions occurred during December: Dec. 3 Purchased 5,000 units of inventory on account at a cost of $0.24 per unit. 5 Sold 5,500 units of Inventory on account for $0.90 per unit. {Sivifty sold 3,000 of the $0.60 units and 2,500 of the $0.24.) 2 Granted the December 5 mstomer $159 credit for 200 units of inventory returned costing $106. These units were returned to inventory. 12 Purchased 2,000 units of inventory for cash at $0.30 each. 22 Sold 2,000 units of Inventory on account for $0.95 per unit. {Swiy sold 2,000 of the $0.24 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month- Prepare an adjusted trial balance as of December 31, 2020. SWIFTY COMPANY X Adjusted Trial Balance Debit Credit * x x X x X TotalsPrepare an income statement for December 2020. SWIFTY COMPANY X Income Statement x X X X X X x X x LINK TO TEXTWileyPLUS x Your answer is incorrect. Try again. Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) SWIFTY COMPANY Balance Sheet Assets XX x x Liabilities and Owner's Equity x the X* Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Swifty Company uses the periodic inventory system. X Ending Inventory x Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Swifty Company uses the periodic inventory system. Ending Inventory * Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work