I need this answered. Part B

Brief Exercise 2-1 Your answer is correct. For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the account. Debit Effect Credit Effect Normal Balance 1. Accounts Payable Decrease Increase Credit 2. Advertising Expense Increase Decrease Debit 3. Service Revenue Decrease Increase Credit 4. Accounts Receivable Increase Decrease Debit 5. Owner's Capital Decrease Increase Credit 6. Owner's Drawings Increase Decrease Debit Brief Exercise 23 Your answer is correct. Transactions for the George Lynch Company for the month of June are presented below. June 1 2 3 12 George Lynch invests $5,000 cash in a small welding business of which he is the sole proprietor. Purchases equipment on account for $2,100. $800 cash is paid to landlord for June rent. Sends a bill to M. Rodero for $300 for welding work performed on account. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date res_EAT_135297 Account Titles and Explanation June 1 Cash Debit 5,000 Ow ner's Capital res_EAT_135297 June 2 Equipment 5,000 2,100 Accounts Payabl res_EAT_135297 June 3 Rent Expense cash Credit 2,100 800 800 res_EAT_135297 June 12 Accounts Receiv 300 Service Revenue 300 Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Post the transactions to Taccounts and determine each account's ending balance. (Post entries in the order presented in the problem statement.) Cash res_EAT_135297 5/12 2,400 res_EAT_135297 5/15 3,000 EAT_1356591333 Ending Bal. 5,400 Accounts Receivable res_EAT_135297 5/5 res_EAT_135297 4,100 5/12 2,400 EAT_1356591333 Ending Bal. 1,700 Service Revenue res_EAT_135297 4,100 5/5 res_EAT_135297 3,000 5/15 EAT_1356591333 7,100 Ending Bal. Don't show me this message again for the assignment Brief Exercise 210 Your answer is correct. An inexperienced bookkeeper prepared the following trial balance. HUEWITT COMPANY Trial Balance December 31, 2014 Debit Cash Credit $10,800 Prepaid Insurance $3,500 Accounts Payable 3,000 Unearned Service Revenue 2,200 Owner's Capital 9,000 Owner's Drawings 4,500 Service Revenue 25,600 Salaries and Wages Expense 18,600 Rent Expense 2,400 $31,600 Prepare a correct trial balance, assuming all account balances are normal. HUEWITT COMPANY Trial Balance December 31, 2014 Debit Credit $48,000 Cash 10,800 $ Prepaid Insurance $ 3,500 Accounts Payabl 3,000 Unearned Service 2,200 Ow ner's Capital 9,000 Ow ner's Draw ing 4500 Service Revenue 25,600 Salaries and Wag 18,600 Rent Expense 2,400 39,800 Total $ 39,800 $ Don't show me this message again for the assignment Click if you would like to Show Work for this question: Show List of Accounts Show Answer Link to Text Exercise 27 (Part Level Submission) Kahl Enterprises had the following selected transactions. 1. Jo Kahl invested $4,000 cash in the business. 2. Paid office rent of $950. 3. Performed consulting services and billed a client $5,200. 4. Jo Kahl withdrew $750 cash for personal use. Open Show Work Don't show me this message again for the assignment (a) Your answer is correct. Indicate the effect each transaction has on the accounting equation, using plus and minus signs. Assets 1. 2. 3. 4. = res_EAT_135400 + res_EAT_135400 - res_EAT_135400 + res_EAT_135400 - Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Cash Ow ner's Capital Debit Credit 4,000 4,000 = = = = Liabilities + Owner's Equity res_EAT_135400 + res_EAT_135400 - res_EAT_135400 + res_EAT_135400 - Rent Expense 2. 950 Cash Accounts Receiv 3. 950 5,200 Service Revenue Ow ner's Draw ing 4. 5,200 750 Cash 750 Exercise 28 Your answer is correct. Janet Miyoshi has prepared the following list of statements about the general ledger. Identify each statement as true or false. 1. The general ledger contains all the asset and liability accounts but no owner's equity accounts. 2. The general ledger is sometimes referred to as simply the ledger. res_EAT_135400 False res_EAT_135400 True 3. res_EAT_135400 Each account in the general ledger is numbered for easier identification. 5. The general ledger is a book of original entry. True res_EAT_135400 4. False res_EAT_135400 The accounts in the general ledger are arranged in alphabetical order. False Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Exercise 210 (Part Level Submission) The Taccounts below summarize the ledger of Zimmer Landscaping Company at the end of the first month of operations. Cash No. 101 4/1 12,000 4/15 1,300 4/12 900 4/25 1,500 4/29 400 4/30 1,000 Accounts Receivable No. 112 4/7 3,200 4/29 400 Supplies No. 126 4/4 1,800 Accounts Payable No. 201 4/25 1,500 4/4 1,800 Unearned Service Revenue No. 209 4/30 1,000 Owner's Capital No. 301 4/1 12,000 Service Revenue No. 400 4/7 4/12 3,200 900 Salaries and Wages Expense No. 726 4/15 1,300 Prepare the complete general journal from which the postings to Cash were made. (Record entries in the order presented in the TAccounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date res_EAT_135400 Account Titles and Explanation Apr. 1 Cash Debit 12,000 Ow ner's Capital res_EAT_135400 Apr. 12 Cash 12,000 900 Service Revenue res_EAT_135400 Apr. 15 Salaries and Wag 900 1300 Cash res_EAT_135400 Apr. 25 Accounts Payabl 1300 1500 Cash res_EAT_135400 Apr. 29 Cash 1500 400 Accounts Receiv res_EAT_135400 Apr. 30 Cash Unearned Service Credit 400 1000 1000 WEEk#2 Brief Exercise 32 Moteki Company accumulates the following adjustment data at December 31. Indicate the type of adjustment (prepaid expenses, accrued revenues and so on), and the status of accounts before adjustment (overstated or understated). (Enter answers in alphabetical order.) 1. Supplies of $100 are on hand. 2. Services provided but not recorded total $900. 3. Interest of $200 has accumulated on a note payable. 4. Rent collected in advance totaling $650 has been earned. Item Type of Adjustment Account Balances before Adjustment EAT_1347530273 1. EAT_1347530273 Prepaid Expenses Assets Overstated EAT_1347530273 Expenses Understated EAT_1347530273 2. EAT_1347530273 Accrued Revenues Assets Understated EAT_1347530273 Revenues Understated 3. EAT_1347530273 Accrued Expenses EAT_1347530273 Expenses Understated EAT_1347530273 Liabilities Understated EAT_1347530273 4. EAT_1347530273 Unearned Revenues Liabilities Overstated EAT_1347530273 Revenues Understated Don't show me this message again for the assignment Brief Exercise 37 Your answer is correct. The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at December 31. 1. 2. 3. Interest on notes payable of $400 is accrued. Services provided but not recorded total $1,900. Salaries earned by employees of $900 have not been recorded. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. 1. Date Account Titles and Explanation Interest Expense Dec. 31 Debit 400 Interest Payable 2. Accounts Receiv Dec. 31 400 1900 Service Revenue 3. Salaries and Wag Dec. 31 Credit 1900 900 Salaries and Wag 900 Don't show me this message again for the assignment Click if you would like to Show Work for this question: Open Show Work Brief Exercise 38 The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and the related account in the adjusting entry. Account Type of Adjustment Related Account EAT_1347530277 Accounts Receivable Prepaid Insurance EAT_1347530277 Accrued Revenues Service Revenue EAT_1347530277 Prepaid Expenses EAT_1347530277 Insurance Expense EAT_1347530277 Accumulated DepreciationEquipment EAT_1347530277 Prepaid Expenses Depreciation Expense EAT_1347530277 Interest Payable EAT_1347530277 Accrued Expenses Interest Expense EAT_1347530277 Unearned Service Revenue EAT_1347530277 Unearned Revenues Service Revenue Brief Exercise 39 The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner's Capital $15,600, Owner's Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year. PARSONS COMPANY Income Statement For the Year Ended December 31, 2014 EAT_1347530277 Revenues Service Revenue 37,000 $ EAT_1347530277 Expenses Salaries and Wag $ 16,000 Rent Expense 4,000 Insurance Expens 2,000 Supplies Expense 1,500 Depreciation Expe 1,300 EAT_1347530277 Total Expenses 24,800 EAT_1347530277 Net Income / (Loss) 12,200 $ Exercise 33 Primo Industries collected $105,000 from customers in 2014. Of the amount collected, $25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015. Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015. (a) Compute 2014 cashbasis net income. 33,000 Cashbasis net income $ (b) Compute 2014 accrualbasis net income. 36,000 Accrualbasis net income $ Exercise 36 Lei Company accumulates the following adjustment data at December 31. 1. 2. 3. 4. 5. 6. Services provided but not recorded total $1,000. Supplies of $300 have been used. Utility expenses of $225 are unpaid. Services related to Unearned service revenue of $260 were performed Salaries of $800 are unpaid. Prepaid insurance totaling $350 has expired. For each of the above items indicate the following. (Enter answers in alphabetical order.) (a) (b) Item 1. The type of adjustment (prepaid expenses, unearned revenues, accrued revenues, or accrued expenses). The status of accounts before adjustment (overstatement or understatement). Type of Adjustment EAT_1347530321 Accrued Revenues Accounts before Adjustment EAT_1347530321 Assets Understated EAT_1347530321 Revenues Understated EAT_1347530321 Prepaid Expenses 2. EAT_1347530321 Assets Overstated EAT_1347530321 Expenses Understated EAT_1347530321 Accrued Expenses 3. EAT_1347530321 Expenses Understated EAT_1347530321 Liabilities Understated EAT_1347530321 Unearned Revenues 4. EAT_1347530321 Liabilities Overstated EAT_1347530321 Revenues Understated EAT_1347530321 Accrued Expenses 5. EAT_1347530321 Expenses Understated EAT_1347530321 Liabilities Understated EAT_1347530321 Prepaid Expenses 6. EAT_1347530321 Assets Overstated EAT_1347530321 Expenses Understated Exercise 313 Your answer is correct. The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented below. FRINZI COMPANY Trial Balance August 31, 2014 Before Adjustment Dr. Cash After Adjustment Cr. Dr. Cr. $10,400 $10,400 Accounts Receivable 8,800 10,800 Supplies 2,300 900 Prepaid Insurance 4,000 2,500 Equipment Accumulated DepreciationEquipment Accounts Payable Salaries and Wages Payable 14,000 14,000 $ 3,600 $ 4,500 5,800 5,800 0 1,100 Unearned Rent Revenue 1,500 600 Owner's Capital 15,600 15,600 Service Revenue 34,000 36,000 Rent Revenue 11,000 Salaries and Wages Expense 17,000 Supplies Expense 11,900 18,100 0 1,400 15,000 Rent Expense 15,000 Insurance Expense 0 Depreciation Expense 0 1,500 900 $71,500 $71,500 $75,500 $75,500 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Aug. 31 Account Titles and Explanation Accounts Receiv Debit Credit 2,000 Service Revenue 2,000 (To record accrued revenue) Aug. 31 Supplies Expense 1,400 Supplies 1,400 (To record supplies used) Aug. 31 Insurance Expens 1,500 Prepaid Insurance 1,500 (To record expired insurance) Aug. 31 Depreciation Expe 900 Accumulated Dep 900 (To record depreciation) Aug. 31 Salaries and Wag 1,100 Salaries and Wag 1,100 (To record accrued salaries) Aug. 31 Unearned Rent R 900 Rent Revenue 900 (To record rent earned) Don't show me this message again for the assignment Brief Exercise 45 The ledger of Rios Company contains the following balances: Owner's Capital $30,000; Owner's Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense EAT_1356601583 Bal. 27,000 EAT_1356601596 (2) 27,000 Supplies Expense EAT_1356601613 Bal. 7,000 EAT_1356601626 (2) 7,000 Service Revenue EAT_1356601644 (1) 50,000 EAT_1356601655 Bal. 50,000 Owner's Drawings EAT_1356601670 Bal. 2,000 EAT_1356601682 (4) Income Summary 2,000 EAT_1356601699 (2) EAT_1356601710 (3) EAT_1356601745 Total EAT_1356601722 (1) 34,000 50,000 16,000 EAT_1356601769 Total 50,000 50,000 Owner's Capital EAT_1356601784 (4) EAT_1356601816 Bal. 2,000 EAT_1356601826 (3) EAT_1356601841 Bal. 30,000 16,000 44,000 Don't show me this message again for the assignment Brief Exercise 47 Your answer is correct. The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a postclosing trial balance. Accumulated Depreciation Depreciation Expense Owner's Capital res_EAT_135425 Yes res_EAT_135425 No res_EAT_135425 Yes Owner's Drawings Service Revenue Supplies Accounts Payable res_EAT_135425 No res_EAT_135425 No res_EAT_135425 Yes res_EAT_135425 Yes Brief Exercise 48 The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9. res_EAT_135425 (a) Prepare a trial balance. 4 res_EAT_135425 (b) Journalize the transactions. 2 res_EAT_135425 (c) Journalize and post closing entries. 8 res_EAT_135425 (d) Prepare financial statements. 7 res_EAT_135425 (e) Journalize and post adjusting entries. 5 res_EAT_135425 (f) Post to ledger accounts. 3 res_EAT_135425 (g) Prepare a postclosing trial balance. 9 res_EAT_135425 (h) Prepare an adjusted trial balance. 6 res_EAT_135425 (i) Analyze business transactions. 1 Don't show me this message again for the assignment The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $4,100; Supplies $5,200, and Debt Investments (shortterm) $6,700. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.) HAMIDI COMPANY Partial Balance Sheet res_EAT_135425 Current Assets Cash 4,100 $ Debt Investments 6,700 Accounts Receiv 12,500 Supplies 5,200 Prepaid Insurance 3,600 res_EAT_135425 32,100 Total Current Assets Don't show me this message again for the assignment Exercise 41 $ The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows. NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr. Cash 2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable 1,120 Unearned Service Revenue 240 Owner's Capital 3,600 Service Revenue 2,400 Salaries and Wages Expense 560 Miscellaneous Expense 160 7,360 7,360 Total Other data: 1. A physical count reveals $500 of supplies on hand. 2. $100 of the unearned revenue is still unearned at monthend. 3. Accrued salaries are $210. Complete the worksheet. NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr Adjustments Cr. Dr Adj. Trial Balance Cr. Dr Cr. Income Statement Dr Balance Sheet Cr. Dr Cash 2,32 0 2,320 2,320 Accounts Receivable 2,44 0 2,440 2,440 Supplies 1,88 0 500 Cr. 500 Accounts Payable 1,120 Unearned Service Revenue 240 1,380 Owner's Capital 3,60 0 Service 2,40 1,120 140 1,120 100 100 3,600 3,600 Revenue Salaries and Wages 560 Expense Miscellaneo us Expense Totals 140 0 2,540 210 2,540 770 160 160 7,360 7,360 770 160 Supplies Expense Salaries and Wages Payable Totals Net Income 230 Totals 2,540 1,380 1,380 210 1,730 1,380 210 1,730 7,570 210 7,570 2,310 2,540 2,540 Exercise 49 (Part level Submission) Prepare an income statement for the year. PLEVIN COMPANY Income Statement For the Year Ended July 31, 2014 Service Revenue Rent Revenue 5,030 230 Don't show me this message again for the assignment res_EAT_135425 5,260 Revenues $ 64,000 6,500 res_EAT_135425 70,500 $ 5,260 5,260 Total Revenues res_EAT_135425 Expenses $ Utilities Expense 14,900 Depreciation Expe 8,000 Salaries and Wag 55,700 res_EAT_135425 78,600 Total Expenses res_EAT_135425 Net Income / (Loss) (8,100) $ Don't show me this message again for the assignment Exercise 411 (Part level Submission) Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date June 30 Account Titles and Explanation Service Revenue Debit 18,100 Income Summary 18,100 (To close revenue account.) June 30 Income Summary Credit 13,100 Supplies Expense 1,300 Salaries and Wag 8,800 Rent Expense 3,000 (To close expense account.) June 30 Income Summary 5,000 Ow ner's Capital 5,000 (To close net income / (loss).) June 30 Ow ner's Capital 2,500 Ow ner's Draw ing 2,500 (To close drawings.) Don't show me this message again for the assignment Exercise 411 (Part level Submission) Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.) Income Summary June 30 June 30 13,100 5,000 June 30 18,100 June 30 18,100 18,100 Brief Exercise 51 Presented below are the components in Gates Company's income statement. Determine the missing amounts. Sales Revenue (a) Cost of Goods Sold Gross Profit 45,000 $75,000 Operating Expenses 19,200 $30,000 $ (b) $108,000 163,500 $10,800 $ 38,000 $70,000 8,500 $ (c) Net Income $83,900 $29,500 $ $79,600 40,100 $39,500 $ $ Don't show me this message again for the assignment Brief Exercise 52 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Radomir Company Inventory Accounts Payabl 780 780 Lemke Company Accounts R 780 Sales Reve 780 (To record credit sale) Cost of Goods So 470 Inventory 470 (To record cost of merchandise sold) Don't show me this message again for the assignment Brief Exercise 57 Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns and allowances $11,000. Prepare the sales revenues section of the income statement based on this information. Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 res_EAT_135632 Sales Revenues Sales Revenue 380,000 $ res_EAT_135632 Less : Sales Returns an 11,000 $ Sales Discounts 5,000 16,000 res_EAT_135632 Net Sales 364,000 $ Don't show me this message again for the assignment Brief Exercise 59 Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000. (a) Compute net sales. 495,000 Net sales $ (b) Compute gross profit. 165,000 Gross profit $ (c) Compute income from operations. 55,000 Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate 33.3 Exercise 54 (Part level Submission) Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit res_EAT_135632 Inventory June 10 8,000 Accounts Payabl 8,000 res_EAT_135632 Inventory June 11 400 Cash 400 res_EAT_135632 Accounts Payabl June 12 300 Inventory 300 res_EAT_135632 Accounts Payabl June 19 Cash 7,700 7,546 Inventory 154 Don't show me this message again for the assignment Brief Exercise 61 Farley Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be "Included" or "Not Included" from the inventory taking. (a) (b) (c) (d) Goods shipped on consignment by Farley to another company. IncludedNot Included Goods in transit from a supplier shipped FOB destination. IncludedNot Included Goods sold but being held for customer pickup. IncludedNot Included Goods held on consignment from another company. IncludedNot Included Brief Exercise 62 Wilbur Company has the following items: Indicate whether each item should be "Included" or "Not Included" from the inventory taking. (a ) (b ) (c ) (d ) (e ) FreightIn IncludedNot Included Purchase Returns and Allowances IncludedNot Included Purchases IncludedNot Included Sales Discounts IncludedNot Included Purchase Discounts IncludedNot Included Brief Exercise 68 Pettit Company reports net income of $90,000 in 2014. However, ending inventory was understated $7,000. What is the correct net income for 2014? The correct net income for 2014 $ 97,000 Brief Exercise 69 (Part Level Submission) Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.) 5.4 times Inventory turnover Brief Exercise 69 (Part Level Submission) Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) $ Days in inventory 67.6 days Exercise 61 TriState Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef's accountant may be desirable. One area of particular concern is the inventory account, which has a yearend balance of $297,000. Discussions with the accountant reveal the following. 1 . 2 . 3 . 4 . 5 . Josef sold goods costing $38,000 to Sorci Company, FOB shipping point, on December 28. The goods are not expected to arrive at Sorci until January 12. Th goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination on December 27 and were still in transi at yearend. Josef received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Solita Co. The goods were not included in the physical count. Josef sold goods costing $35,000 to Natali Co., FOB destination, on December 30. The goods were received at Natali on January 8. They were not included i Josef's physical inventory. Josef received goods costing $44,000 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed t arrive December 31. This purchase was included in the ending inventory of $297,000. Determine the correct inventory amount on December 31. $ The correct inventory amount 310,000 Exercise 69 Optix Camera Shop uses the lowerofcostormarket basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost Market 5 6 $170 150 $156 152 12 14 125 120 115 135 Determine the amount of the ending inventory by applying the lowerofcostormarket basis. The ending inventory Exercise 67 $ 4,740 Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Lisa had 80 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and averagecost. (Round averagecost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Averagecost $ 8,000 $ 9,6 25,600 The cost of goods sold $ 10,400 $ The cost of the ending inventory 28,000 26,4 9,600 26,400 Brief Exercise 73 Benji Borke has prepared the following list of statements about accounting information systems. Identify each statement as true or false. 1 . 2 . 3 . 4 . The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. True The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. False Designers of accounting systems must consider the needs and knowledge of various users. True If an accounting information system is costeffective and provides useful output, it does not need to be flexible. False Brief Exercise 75 Identify in what ledger (general or subsidiary) each of the following accounts is shown. Accounts Ledger (a) Rent Expense (b) General ledger Accounts ReceivableCabrera (c) Subsidiary Ledger Notes Payable (d) General Ledger Accounts PayablePacheco Subsidiary Ledger Brief Exercise 76 Identify the journal in which each of the following transactions is recorded. Transactions Journals (a) Cash sales lCash Receipts journalk (b Owner withdrawal of cash Cash Payments ) (c) (d ) (e) (f) Cash purchase of land Cash Payments Credit sales Sales Journal Purchase of merchandise on account Purchases journal Receipt of cash for services performed Cash receipts