I have the assignment pretty much completed. Just go through and correctany mistakes and let me know in a comment if you had to make any! Please revise it carefully for me. Thank you in advance. You have no idea how much I appreciate this!

Attached you will find the completed working papers and a document with the homework questions. Please let me know if you have any questions that I can clarify. Thanks again!

Homework Assignment ... (from the textbook - at the end of the chapter) Use the "Working Papers" (link below) to complete this assignment. Type in, and save, your answers. Submit it (upload by the due date) ... using the CANVAS Drop Box. BE 5 - 3 BE 5 - 9 Ex 5 - 4 Ex 5 - 10 BE 6 - 3 (pg 249) (pg 250) (pg 252) (pg 253) (pg 302) BE 6 - 5 Ex 6 - 6 Ex 6 - 7 Ex 6 - 9 Prob 6 - 3B (pg 302) (pg 305) (pg 305) (pg 306) (pg 313) ACC-201 (Financial Accounting) Working Papers - Chapter 05 ... AND ... Chapter 06 Note: Items below, highlighted in green do not have the answers provided on the \"answer sheet\". The items (in green below) carry more \"weight\" in the grading / scoring of the assignment. Chapter 5 BRIEF EXERCISE 5-7 Piccola Company Income Statement (Partial) For the Month Ended October 31, 2014 Sales Revenues Sales Revenue ($280,000 + 100,000) Less: Sales returns & Allowances 18,000 Sales discounts 5,000 Net Sales 380,000 23,000 357,000 BRIEF EXERCISE 5-9 (a) Net Sales = 506,000 - 13,000 = 493,000 (b) Gross Profit = 493,000 - 330,000 = 163,000 (c) Income from Operations = (d) Gross profit rate = 163,000 - 110,000 = 53,000 163,000 / 493,000 = 33.1% DO IT! 5-4 Accounts appear on EITHER the Income Statement OR the Balance Sheet ... NOT both! On tests you will be given the choice of \"both\". It is ALWAYS the wrong answer. Account Accounts Payable Accounts Receivable Accum. Deprec. - Bldgs Financial Statement Statement of Financial Position Statement of Financial Position Statement of Financial Classification Current Liabilities Current Assets Property, plant, and Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Delivery Equipment Freight-Out Insurance Expense Interest Payable Inventory Land Notes Payable (due in 5 years) Property Taxes Payable Salaries and Wages Expense Salaries and Wages Payable Sales Returns and Allowances Sales Revenue Unearned Rent Revenue Utilities Expense Position Statement of Financial Position Income Statement Statement of Financial Position Income Statement Income Statement Retained Earnings Statement OR...if no RE Stmnt is done then the Balance Sheet, \"Stockholders Equity\" section. Statement of Financial Position Income Statement Income Statement Statement of Financial Position Statement of Financial Position Statement of Financial Position Statement of Financial Position Statement of Financial Position Income Statement Statement of Financial Position Income Statement Statement of Financial Position Statement of Financial Position Income Statement equipment Current Assets Other income expense Equity Cost of Goods Sold Operating Expense Dedecution Section Property, plant, and Equipment Operating Expense Operating Expense Current Liabilitiy Current asset Property, plant, and Equipment Non- Current Liabiltiy Current Liability Operating Expense Current Liabilities Sales Revenue Sales Revenue Current Liabilities Operating Expense EXERCISE 5-4 Date June 10 (a) 11 12 Accounts Name Inventory Accts Payable Debit $ Credit $ 7,600 7,600 Inventory Cash 400 Accts Payable 300 400 Cash 19 June 10 (b) 12 19 300 Accts Pay Inventory Cash 7,300 Accts Receivable Sales Revenue Cost Of Goods Sold Inventory 7,600 146 7,154 7,600 4,300 4,300 Sale Returns & Allowances Accts Receivable Inventory Cost of Goods Sold 300 300 70 70 Cash Sales Discounts Accounts Receivable 7,154 146 7,300 EXERCISE 5-10 (a) MICHAEL COMPANY Income Statement For the Year Ended December 31, 2014 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Other Revenue & Gains Interest Revenue Other Expenses & L:osses Interest Expense Loss on Disposal of Plant Assets Net Income The first 5 lines are totals for category totals or results of calculations - they go to the far right columns. Below \"Int Exp and Loss\" are details so they go into column 1, their subtotal into column 2 and the result of \"Other REV - Other EXP\" goes to far right column 2,200,000 1,256,000 944,000 725,000 219,000 33,000 70,000 17,000 87,000 Details 54,000 165,000 Subtotals Totals \"Details\" are typically amounts to be added or subtracted. \"Subtotals\" are usually the result of the calculation in \"details\". \"Totals\" are in the far right column. The higher up in management typically deals with the \"big picture\" (totals) while supervisors (first line managers) most often focus on the details ... or whatever your boss tells you to focus on. Note that the GP (GROSS PROFIT) needs to be large enough to pay for all other expenses. At Wal-Mart the GP of the stores must also cover the store rental, utilities etc along with salaries of the store manager, store security etc. In addition, GP also covers corporate salaries and expenses (like the computer systems, company jet, vice-presidents etc). The above labeled \"OTHER\" Revenues or Expenses are not directly related to store operations. The \"LOSS\" (or a \"GAIN\") is separate because it results from a \"one-time thing\" like selling a machine or a building. It is not resulting from the \"normal business operations\" ... which is basically \"Income from Operations\". If you are managing, or buying, the company you assume \"Income from Operations\" will occur year-after-year BUT items labeled \"Gains\" or \"Losses\" will not necessarily occur again. (b) MICHAEL COMPANY Income Statement For the Year Ended December 31, 2014 Revenues: Net Sales Interest Revenue Total Revenues Expenses: Cost of Goods Sold Operating Expenses Interest Expense Loss on Disposal of Plant Assets Total Expenses Net Income 2,200,000 33,000 2,233,000 1,256,000 725,000 70,000 17,000 2,068,000 165,000 A multi-step income statement (\"a\" above) has far more detail than a single-step income statement (\"\"b\" above). EXERCISE 5-12 a) $860,000 - $533,200 = $326,800 b) $326,800/$860,000 = 38%. The gross profit rate is generally considered to be more useful than the gross profit amount. The rate expresses a more meaningful (qualitative) relationship between net sales and gross profit. The gross profit rate indicates what portion of each sales dollar goes to gross profit. The trend of the gross profit rate is closely watched by financial statement users, and is compared with rates of competitors and with industry averages. Such comparisons provide information about the effectiveness of a company's purchasing function and the soundness of its pricing policies. c) Income from operations is $105,800 ($326,800 - $221,000), and net income is $98,800 ($105,800 - $7,000). d) The amount shown for net income is the same in a multiple step income statement and a single-step income statement. Both income statements report the same revenues and expenses, but in different order. Net income in Endeaver's single-step income statement is also $98,800. e) Inventory is reported as a current asset immediately below prepaid expenses. Chapter 6 BRIEF EXERCISE 6-5 a) b) c) d) FIFO would result in the higher net income FIFO would result in the higher ending inventory. LIFO would result in the lowest tax expense it results the lowest net income Average-cost would result in the more stable income over a number of years because it averages out any big changes in the cost of inventory DO IT! 6-2 Cost of Goods Available for Sale Ending Inventory FIFO LIFO Average Cost (3,000*5) +(8,000*7) = 71,000 3,000 +8,000 - 9,400 = 1,600 units 71,000 - (1,600*7) = 59,800 71,000 - (1,600*5) = 63,000 71,000/11,000 = 6.45 per unit 9,400*6.455 = 60,677 EXERCISE 6-6 FIFO Beginning inventory Purchases: June 12 June 23 1,000 1,800 3,500 5,300 Cost of Goods Available for Sale Less: Ending Cost of Goods Sold LIFO Beginning inventory Purchases: June 12 June 23 Cost of Goods Available for Sale Less: Ending Cost of Goods Sold 6,300 840 5,460 1,000 3,500 1,800 5,300 6,300 600 5,700 (b) FIFI will produce higher ending inventory due to rising costs. Under FIFO the earliest costs assigned to cost of goods sold and the latest costs remain in ending inventory. (c) LIFO method will produce higher cost of goods. Under LIFO most recent cost are charged to cost of goods sold and the earliest cost are included in ending inventory. EXERCISE 6-7 FIFO Beginning Inventory Purchases Cost of Goods Available for Sale Less: Ending Inventor Cost of Goods Sold 10,000 26,000 36,000 10,400 26,250 LIFO Beginning Inventory Purchases Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold 10,000 26,000 36,000 8,000 28,000 AVERAGE Beginning Inventory Purchases Cost of Goods Available for Sale 10,000 26,000 36,000 Less: Ending Inventory Cost of Goods Sold 9,600 26,4 b. FIFO would result in highest income since the earlier lower costs are matched with revenues c. FIFO would result in inventories approximating current cost in balance sheet, since the more recent units are assumed to be on hand d. FIFO results in Givens paying the least taxes the first year since income will be lower. EXERCISE 6-9 Cost Cameras Minolta Canon Total Light meters Vivitar Kodak Total Total inventory Market Lower of Cost or Market 1,360 900 2,260 1,248 912 2,160 1,248 900 1,500 1,610 3,110 $5,370 1,380 1,890 3,270 $5,430 1,380 1,610 $5,138 EXERCISE 6-14 (a) Inventory Turnover Days in Inventory Silver Company (47,000 + 55,000) /2 = 3.76 365/3.76 = 97 Days Gold Company (71,000 + 69,000) / 2 365/4.17 = 88 Days b) Gold company is moving inventory faster. Its inventory turnover is higher and its days in inventory are lower