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Please help me to complete the answers in the attachment. Thanks Test 3 -- Chapters 6, 7 and 8 Complete all problems below and place

Please help me to complete the answers in the attachment. Thanks

image text in transcribed Test 3 -- Chapters 6, 7 and 8 Complete all problems below and place back in the drop box. Problem 1 - Place the following information into a Single Step Income statement. Use Dollar signs and double underlines where needed. Type in Titles and amounts in the Appropriate order in the form started below. Net Sales Interest Income Selling Expenses Administrative Expenses Interest Expense Cost of Merchandise Sold (COMS) 25,000 2,000 5,000 3,000 1,000 10,000 Jones Company Income Statement Decemeber 31, 20XX Revenues: Problem 2 -- Place the following information into a Multistep Income Statement Use Dollar Signs and double underlines where needed I have made a 3 column format for you and started with Sales Sales Interest Income Sales Salaries Exp. Selling Utlities and Rent Exp. Selling Misc. Exp. Administrative Salaries Exp. Administrative Utilites & Rent Exp. Administrative Misc. Exp. Interest Expense COMS Sales Return and Allowances Sales Discount 35,000 2,000 5,000 3,000 1,000 6,000 2,000 1,000 1,000 10,000 700 300 Smith Company Income Statement December 31, 20XX Sales $ 35,000 Problem 3 - Complete the following Bank Reconsiliation Ending Balance on Bank Statement Ending Balance on Depositor's Records Collection of Notes Rec. Interest Income on Note Rec. Outstanding Checks Deposits in Transit Service Charge 20,000 8,000 7,000 1,000 7,000 2,000 1,000 Complete in the following form: Ending Balance on Bank Statement Add: $ 20,000 $ 8,000 Subtract: Adjusted Bank Balance: Ending Balance on Depositor's Records Add: Subtract: Adjusted Book Balance: Problem 4 - Perpetual System 6-May 10-May 20-May 25-May Complete the following using the Perpetual System And the FIFO method I have started it with the beginning inventory of 10 units at $10; and the first purchase of 15 units of $12. Remember to bring any unused inventory down Sales and purchases for the rest of the month are as follows: Sold 8 units Purchased 5 units @ 17 Sold 12 units Sold 3 units Purchases Date Units 1-May 5-May Cost of Merch. Sold Cost 15 $ Total 12 $ Units Cost Total Ending Merch. Inventory Units 10 $ 10 $ 15 $ 180 Cost 10 10 12 Total $ $ $ 100 100 180 6-May 10-May 20-May 25-May Total COMS Total Merch. Inv. Re work the above problem below using LIFO this time. Purchases Units 1-May 5-May Cost of Merch. Sold Cost 15 $ Total 12 $ Units Cost Total Ending Merch. Inventory Units 10 $ 10 $ 15 $ 180 Cost 10 10 12 6-May 10-May 20-May 25-May Total COMS You are completed. Go to File and Save as. Save the file and place it back in the drop box. Total Merch. Inv. Total $ $ $ 100 100 180

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