QUESTION 1

Finley Company End-of-Period Spreadsheet For the Year Ended December 31
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	16,000				16,000
Accounts Receivable	6,000				6,000
Supplies	2,000				2,000
Equipment	19,000				19,000
Accumulated Depr.		6,000				6,000
Accounts Payable		10,000				10,000
Wages Payable		2,000				2,000
Common Stock		5,000				5,000
Retained Earnings		5,039				5,039
Dividends	1,000				1,000
Fees Earned		46,380		46,380
Wages Expense	19,259		19,259
Rent Expense	5,301		5,301
Depreciation Expense	5,859		5,859
Totals	74,419	74,419	30,419	46,380	44,000	28,039
Net Income (Loss)			15,961			15,961
			46,380	46,380	44,000	44,000

The entry to close expenses would be:

QUESTION 2

Assuming a 360-day year, proceeds of $39,815 were received from discounting a $40,421, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was

QUESTION 3

The Boxwood Company sells blankets for $ 30.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Product Z	Units	Cost
May 01	Purchase	9	$15.00
May 10	Sale	4
May 17	Purchase	16	$17.00
May 20	Sale	7
May 23	Sale	3
May 30	Purchase	10	$19.00

Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method.

QUESTION 4

The Boxwood Company sells blankets for $32.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 03	Purchase	21	$17.00
May 10	Sale	8
May 17	Purchase	20	$19.00
May 20	Sale	11
May 23	Sale	6
May 30	Purchase	35	$20.00

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.