The accounting records of Wall's China Shop reflected the following balances as of January 1, Year...
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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole collar amount.) Cash Beginning inventory. Common stock Retained earnings $ 19,600 13,050 (150 units @ $87) 15,700 16,950 The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Bey. Bal End. Ball Cash Merchandise Inventory Bey. Ball End. Bal Common Stock Retained Earnings Required Beg. Bal Beg. Bal a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and flow. Compute the income tax expense for each method. End. Bal Erd. Bal b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost fl perpetual inventory system is used. 1. FIFO Sales Revenue Cost of Goods Sold 2. LIFO Beg. Bal Beg. Bal 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows un weighted average. End. Bal Erd. Ball Salaries Expense Income Tax Expense Bog. Bal Bcg. Bal End. Bal Erd. Bal The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Record the Year 2 transactions in T-accounts assuming FIFO cost flow. Assume perpetual inventory system is used. (Round intermediate calculations to 3 decimal places. Round your final answers to the nearest whole collar amount.) Cash Beginning inventory. Common stock Retained earnings $ 19,600 13,050 (150 units @ $87) 15,700 16,950 The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Bey. Bal End. Ball Cash Merchandise Inventory Bey. Ball End. Bal Common Stock Retained Earnings Required Beg. Bal Beg. Bal a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and flow. Compute the income tax expense for each method. End. Bal Erd. Bal b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost fl perpetual inventory system is used. 1. FIFO Sales Revenue Cost of Goods Sold 2. LIFO Beg. Bal Beg. Bal 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows un weighted average. End. Bal Erd. Ball Salaries Expense Income Tax Expense Bog. Bal Bcg. Bal End. Bal Erd. Bal
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