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Need Help and Answers for all requirements, please, need it for Thursday. ABC Limited started the period with 50 unit ofinventory on hand at a

Need Help and Answers for all requirements, please, need it for Thursday.

image text in transcribedimage text in transcribedimage text in transcribed ABC Limited started the period with 50 unit ofinventory on hand at a cost of 70$ per unit. During the year the following purchases and sales were made. \begin{tabular}{|c|c|c|c|} \hline Date & Details & \begin{tabular}{c} Quant \\ ity \end{tabular} & \begin{tabular}{c} Buying and \\ Selling Price \\ per item \end{tabular} \\ \hline Dec-02 & Purchases & 130 & 75.00 \\ \hline & Sales & 110 & 10.00 \\ \hline & Purchases & 170 & 85 \\ \hline 27 & Sales & 180 & 100. \\ \hline \end{tabular} All purhcases and sales were made on account Purchases made on December 2, was paid in full on December 26. On December 20 , cash receipt for sales made on December 5 Adjustment Data a) As of December 31,ABC Ltd had $800 of prepaid Insurance remaining b) As of December 31,ABC Ltd had $600 of office supplies remaining c) Depreciation on building is $2,100 annually. Also during the year ABC Ltd purchased a vehicle for $50,000 on account that was completely omitted for the records. The vehicle is expected to have a residual value of $10,000 and a useful life of 5 years d) ABC Ltd pays its employess on a Friday for weekly salaries. It employees earns $1,300 for a five day workweek. December 31 falls on a Wednesday of this year e) On November 20, ABC Ltd contracted to perform services for a client receiving $1,600 in advance This amount was recorded correctly on the date. ABCLLd recorded the cash as unearned revenue. As at December 31, ABC Ltd has $1,400 still unearned Requirement 1. Complete the inventory valuataion under LIFO FIFO and Weighted Averaged 2 Record all the transaction in the general Journal (both the adjustments and the purchases, sales, payment made and received of inventory under the FIFO method) 3 Post the transaction from number two (2) above to the worksheet 4 Prepare an Adjusted Trail Balance. 5 Prepare the Income statement under the single step method 6 Prepare the statement of shareholders equity 7 Prepare the Balance sheet 8 Record the closing entries to the general journal 9 Prepare post Closing Trial Balance

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