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Comprehensive Problem 6 On December 1, 2019, Flint Company had the account balances shown below. Credit Cash Accounts Receivable Inventory Equipment Debit $6,100 Accumulated Depreciation Equipment 4,000 Accounts Payable 1,760 * Common Stock 20,400 Retained Earnings $32,260 $1,400 2,800 22,000 6,060 $32,260 *(3,200 x $0.55) The following transactions occurred during December. Dec. 3 5 7 Purchased 4,400 units of inventory on account at a cost of $0.65 per unit. Sold 4,700 units of inventory on account for $0.93 per unit. (Flint sold 3,200 of the $0.55 units and 1,500 of the $0.65.) Granted the December 5 customer $93 credit for 100 units of inventory returned costing $62. These units were returned to inventory. Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,100 units of inventory on account for $0.95 per unit. (Flint sold 2,100 of the $0.65 units.) 17 22 Adjustment data: 1. Accrued salaries payable $500. Depreciation $200 per month. 2. Journalize the December transactions and adjusting entries, assuming Flint uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 3 v Dec. 5 Dec. 5 (To record sales revenue.) Dec. 5 (To record cost of goods sold.) Dec. 7 (To record sales returns.) Dec. 7 (To record cost of sales returns.) Dec. 17 v Dec. 22 (To record sales revenue.) Dec. 22 v (To record cost of goods sold.) Dec. 31 Dec. 31 (To record accrued expense.) Dec. 31 (To record depreciation expense.) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Inventory Equipment Accounts Payable Accumulated Depreciation-Equipment Salaries and Wages Payable Common Stock Retained Earnings en/shared/assignment/flash/calculator/calculato... Sales Revenue Salaries and Wages Expense Cost of Goods Sold Sales Returns & Allowances Depreciation Expense Prepare an adjusted trial balance as of December 31, 2019. FLINT COMPANY Adjusted Trial Balance FLINT COMPANY Adjusted Trial Balance Debit Credit $ $ Totals $ Prepare an income statement for December 2019. FLINT COMPANY Income Statement $ $ $ Prepare a classified balance sheet at December 31, 2019. (List Current Assets in order of liquidity.) FLINT COMPANY Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ $ $ (e) Compute ending inventory and cost of goods sold under FIFO, assuming Flint Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ Compute ending inventory and cost of goods sold under LIFO, assuming Flint Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $
