Question 4

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

333,700

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Depreciation Expense

164,095

Dividends

5,000

_________

Totals

$1,556,065

$1,556,065

What are the dollar values that will appear in BravoUnlimitedyear end financial statements for the following line items: (For any Net Loss the dollar value must be enclosed in brackets and do not use a minus sign.)

1. Total Current Assets

2. Total Quick Assets

3. Total Current Liabilities

4. Net Income or (Net Loss)

5. Retain Earnings

Question 5

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.

Jan. 3

Purchased on account 350 widgets for $11 each.

b.

Jan. 5

Sold on account 425 widgets for $30 each.

c.

Jan. 10

Purchased on account 600 widgets for $12 each.

d.

Jan. 12

Returned 25 widgets received from Jan. 10purchase.

e.

Jan. 13

Paid for the purchases made on Jan. 3.

f.

Jan. 21

Sold on account 550 widgets for $30 each.

g.

Jan. 25

Received payment for the sale made on Jan. 5.

h.

Jan. 26

Paid for the purchases made on Jan. 10.

i.

Jan. 31

Received payment for the sale made on Jan. 21.

Using the LIFO method, determine the dollar values following for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 6

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.

Jan. 3

Purchased on account 350 widgets for $11 each.

b.

Jan. 5

Sold on account 400 widgets for $30 each.

c.

Jan. 10

Purchased on account 625 widgets for $12 each.

d.

Jan. 12

Returned 50 widgets received from Jan. 10purchase.

e.

Jan. 13

Paid for the purchases made on Jan. 3.

f.

Jan. 21

Sold on account 550 widgets for $30 each.

g.

Jan. 25

Received payment for the sale made on Jan. 5.

h.

Jan. 26

Paid for the purchases made on Jan. 10.

i.

Jan. 31

Received payment for the sale made on Jan. 21.

Using the FIFO method, determine the dollar values following for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 7

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:

Date

Activity

a.

Jan. 3

Purchased on account 350 widgets for $11 each.

b.

Jan. 5

Sold on account 500 widgets for $30 each.

c.

Jan. 10

Purchased on account 650 widgets for $12 each.

d.

Jan. 12

Returned 50 widgets received from Jan. 10purchase.

e.

Jan. 13

Paid for the purchases made on Jan. 3.

f.

Jan. 21

Sold on account 550 widgets for $30 each.

g.

Jan. 25

Received payment for the sale made on Jan. 5.

h.

Jan. 26

Paid for the purchases made on Jan. 10.

i.

Jan. 31

Received payment for the sale made on Jan. 21.

Using the Weighted Average method, determine the dollar values following for the month of January: (Enter only whole dollar values.)

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 4 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 333,700 Supplies Prepaid Rent Equipment Accumulated Depreciation 15,255 9,000 295,285 $235,760 Accounts Payable 73,555 Wages Payable 12,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 902,105 Interest Income 1,500 Rent Expense 63,500 Wages Expense 539,260 Supplies Expense Depreciation Expense Dividends Totals 42,520 164,095 5,000 _________ $1,556,065 $1,556,065 What are the dollar values that will appear in Bravo Unlimited year end financial statements for the following line items: (For any Net Loss the dollar value must be enclosed in brackets and do not use a minus sign.) 1. Total Current Assets 2. Total Quick Assets 3. Total Current Liabilities 4. Net Income or (Net Loss) 5. Retain Earnings Question 5 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date a. Jan. 3 Activity Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 425 widgets for $30 each. c. Jan. 10 Purchased on account 600 widgets for $12 each. d. Jan. 12 Returned 25 widgets received from Jan. 10 purchase. e. Jan. 13 Paid for the purchases made on Jan. 3. f. Jan. 21 Sold on account 550 widgets for $30 each. g. Jan. 25 Received payment for the sale made on Jan. 5. h. Jan. 26 Paid for the purchases made on Jan. 10. i. Jan. 31 Received payment for the sale made on Jan. 21. Using the LIFO method, determine the dollar values following for the month of January: 1. Ending Inventory 2. Cost of Goods Available for Sale 3. Cost of Goods Sold Question 6 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 400 widgets for $30 each. c. Jan. 10 Purchased on account 625 widgets for $12 each. d. Jan. 12 Returned 50 widgets received from Jan. 10 purchase. e. Jan. 13 Paid for the purchases made on Jan. 3. f. Jan. 21 Sold on account 550 widgets for $30 each. g. Jan. 25 Received payment for the sale made on Jan. 5. h. Jan. 26 Paid for the purchases made on Jan. 10. i. Jan. 31 Received payment for the sale made on Jan. 21. Using the FIFO method, determine the dollar values following for the month of January: 1. Ending Inventory 2. Cost of Goods Available for Sale 3. Cost of Goods Sold Question 7 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b. Jan. 5 Sold on account 500 widgets for $30 each. c. Jan. 10 Purchased on account 650 widgets for $12 each. d. Jan. 12 Returned 50 widgets received from Jan. 10 purchase. e. Jan. 13 Paid for the purchases made on Jan. 3. f. Jan. 21 Sold on account 550 widgets for $30 each. g. Jan. 25 Received payment for the sale made on Jan. 5. h. Jan. 26 Paid for the purchases made on Jan. 10. i. Jan. 31 Received payment for the sale made on Jan. 21. Using the Weighted Average method, determine the dollar values following for the month of January: (Enter only whole dollar values.) 1. Ending Inventory 2. Cost of Goods Available for Sale 3. Cost of Goods Sold