Homo Draw Page Layout Formulas Data Review View Arial Insert X Cut L Copy Format 10 A A To Wrap Text General Paste B I U Morge 8 Center $- Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 541 o fa A B D E F G H 1 On the Go Warehouse distributes suitcases to retail stores and extends credit terms 2 of 1/10, 1/30 to all of its customers. The following selected transactions occurred, 3 On the go uses the allowance method to report bad debt. 40 points 4 5 12/1/2020 Sold 40 suitcases on account to Luggage World for $315 each, the cost of each suitcase was $180. 6 12/3/2020 Purchased 85 suitcases on account for $135 each from Trunk Manufacturing, terms 1/15, 1/30 7 12/7/2020 Luggage World retumed 7 of the suitcases sold on Dec 1. 8 This luggage was not defective, Luggage World purchased 7 more than needed. 9 12/8/2020 Received final payment from Luggage World from the 2c 1 sale. 10 12/10/2020 Wrote-off the account receivable of Packem-up, Inc., $1260, who notified On the Go Warehouse 11 that it would be unable to pay the amount due 12 12/15/2020 Received a request from Samson Company for an extension of time for the account receivable (S16650) 13 that was due on Dec 15. Their request was granted and they signed a 60-day, 11% note 14 12/20/2020 Paid Trunk Manufacturing the amount owed. 15 12/25/2020 Surprisingly received a check from Packer-up, Inc., for payment in full 16 of the amount owed that was written off on Dec 10, S1260 17 12/31/2020 Estimated bad debts, based on an aging of accounts receivable. The allowance for uncollectible accounts has 18 accounts has a $1350 debit balance prior to the adjustments below. 19 20 Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days 21 Total Balance $60,000 $16,000 $14,000 $10,000 22 $100,000 1% 2% 5% 16% 23 Estimate % uncollectible 24 25 12/31/20 Accrued interest on the Dec 15 note receivable. 26 2/15/21 (next year) Received payment, in full, on the amount owed from Samson Company on Dec 15 27 28 29 Please record journal entries for the above transactions, in the space to the right 30 31 32 33 34 35 Exam Instructions A SVSU ID Transactions FIFOLIFO Financial Statements Ready MICROOKS Open recovered workbooks? Your recent changes were saved. Do you want to continue working x fx D E F G B C You are given the following information for Aberro Company for the year ended June 30. Aberro uses the periodic method for inventorv: Unit Cost Date Description Units or Selling Price 1-Jun Beginning inventory 60 49.50 5-Jun Purchase 120 54.45 5 6-Jun Sale 100 74.25 10-Jun Purchase 100 59.90 3 15-Jun Sale 81.68 9 23-Jun Purchase 70 65.88 LO 30-Jun Sale 110 89.84 Calculate i) ending inventory, ii) cost of goods sold for EACH of the LIFO, FIFO and Average Cost cost flow 60 12 methods. 13 24 points 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Exam Instructions SVSU ID Transactions FIFOLIFO Financial Sta Ready Open recovered workbooks? Your recent changes were saved. Do you want D2 A B C D 4 Credit 6,255 9,000 4,140 9,000 21,600 1 Below is a trial balance for Cardinals, Inc. 2 Accounts are in alphabetical order. 16 points 3 Debit 4 5 Accounts payable 6 Accounts receivable 16,650 7 Accumulated depreciation 8 Allowance for doubtful accounts 9 Bad debt expense 1,755 10 Cash 6,795 11 Common stock 12 Cost of goods sold 15,750 13 Equipment 40,500 14 Inventory 7,335 15 Long-term notes payable 16 Prepaid rent 8,325 17 Rent expense 9,000 18 Retained earnings 19 Salaries expense 10,080 20 Sales 21 Sales discounts 990 22 Sales returns 1,125 23 Supplies 990 24 Utilities expense 1,575 25 Total 120,870 26 27 Given the above information for Cardinals, Inc. 28 prepare a multiple-step income statement, a statement of 29 retained earnings, and a classified balance sheet. 30 31 FORMAT STATEMENTS APPROPRIATELY 32 33 20,250 50,625 120,870 N Lontor insert Delete Format Formatting as Table Styles Clear Sort & Filter Find Selec Yes K L M N Date Accounts Debit Credit 3 125 E Formatting as Tablo Styles continue working where you left off? G H Cardinals, Inc. Income Statement Cardinals, Inc. Balance Sheet Cardinals, Inc. Statement of Retained Earnings FIFOLIFO Financial Status 000 DD F5 FO F10 F6 F7 F8 Homo Draw Page Layout Formulas Data Review View Arial Insert X Cut L Copy Format 10 A A To Wrap Text General Paste B I U Morge 8 Center $- Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 541 o fa A B D E F G H 1 On the Go Warehouse distributes suitcases to retail stores and extends credit terms 2 of 1/10, 1/30 to all of its customers. The following selected transactions occurred, 3 On the go uses the allowance method to report bad debt. 40 points 4 5 12/1/2020 Sold 40 suitcases on account to Luggage World for $315 each, the cost of each suitcase was $180. 6 12/3/2020 Purchased 85 suitcases on account for $135 each from Trunk Manufacturing, terms 1/15, 1/30 7 12/7/2020 Luggage World retumed 7 of the suitcases sold on Dec 1. 8 This luggage was not defective, Luggage World purchased 7 more than needed. 9 12/8/2020 Received final payment from Luggage World from the 2c 1 sale. 10 12/10/2020 Wrote-off the account receivable of Packem-up, Inc., $1260, who notified On the Go Warehouse 11 that it would be unable to pay the amount due 12 12/15/2020 Received a request from Samson Company for an extension of time for the account receivable (S16650) 13 that was due on Dec 15. Their request was granted and they signed a 60-day, 11% note 14 12/20/2020 Paid Trunk Manufacturing the amount owed. 15 12/25/2020 Surprisingly received a check from Packer-up, Inc., for payment in full 16 of the amount owed that was written off on Dec 10, S1260 17 12/31/2020 Estimated bad debts, based on an aging of accounts receivable. The allowance for uncollectible accounts has 18 accounts has a $1350 debit balance prior to the adjustments below. 19 20 Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days 21 Total Balance $60,000 $16,000 $14,000 $10,000 22 $100,000 1% 2% 5% 16% 23 Estimate % uncollectible 24 25 12/31/20 Accrued interest on the Dec 15 note receivable. 26 2/15/21 (next year) Received payment, in full, on the amount owed from Samson Company on Dec 15 27 28 29 Please record journal entries for the above transactions, in the space to the right 30 31 32 33 34 35 Exam Instructions A SVSU ID Transactions FIFOLIFO Financial Statements Ready MICROOKS Open recovered workbooks? Your recent changes were saved. Do you want to continue working x fx D E F G B C You are given the following information for Aberro Company for the year ended June 30. Aberro uses the periodic method for inventorv: Unit Cost Date Description Units or Selling Price 1-Jun Beginning inventory 60 49.50 5-Jun Purchase 120 54.45 5 6-Jun Sale 100 74.25 10-Jun Purchase 100 59.90 3 15-Jun Sale 81.68 9 23-Jun Purchase 70 65.88 LO 30-Jun Sale 110 89.84 Calculate i) ending inventory, ii) cost of goods sold for EACH of the LIFO, FIFO and Average Cost cost flow 60 12 methods. 13 24 points 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Exam Instructions SVSU ID Transactions FIFOLIFO Financial Sta Ready Open recovered workbooks? Your recent changes were saved. Do you want D2 A B C D 4 Credit 6,255 9,000 4,140 9,000 21,600 1 Below is a trial balance for Cardinals, Inc. 2 Accounts are in alphabetical order. 16 points 3 Debit 4 5 Accounts payable 6 Accounts receivable 16,650 7 Accumulated depreciation 8 Allowance for doubtful accounts 9 Bad debt expense 1,755 10 Cash 6,795 11 Common stock 12 Cost of goods sold 15,750 13 Equipment 40,500 14 Inventory 7,335 15 Long-term notes payable 16 Prepaid rent 8,325 17 Rent expense 9,000 18 Retained earnings 19 Salaries expense 10,080 20 Sales 21 Sales discounts 990 22 Sales returns 1,125 23 Supplies 990 24 Utilities expense 1,575 25 Total 120,870 26 27 Given the above information for Cardinals, Inc. 28 prepare a multiple-step income statement, a statement of 29 retained earnings, and a classified balance sheet. 30 31 FORMAT STATEMENTS APPROPRIATELY 32 33 20,250 50,625 120,870 N Lontor insert Delete Format Formatting as Table Styles Clear Sort & Filter Find Selec Yes K L M N Date Accounts Debit Credit 3 125 E Formatting as Tablo Styles continue working where you left off? G H Cardinals, Inc. Income Statement Cardinals, Inc. Balance Sheet Cardinals, Inc. Statement of Retained Earnings FIFOLIFO Financial Status 000 DD F5 FO F10 F6 F7 F8