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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.
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 BalanceStep by Step Solution
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