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{"id":164445,"date":"2021-09-28T17:17:51","date_gmt":"2021-09-28T17:17:51","guid":{"rendered":"https:\/\/nursingwritershelp.com\/?p=164445"},"modified":"2021-09-28T17:17:51","modified_gmt":"2021-09-28T17:17:51","slug":"2-accounting-problems-in-30-min","status":"publish","type":"post","link":"https:\/\/nursingwritershelp.com\/2-accounting-problems-in-30-min\/","title":{"rendered":"2 accounting problems in 30 min"},"content":{"rendered":"
\n\n\n\n
\n
\n

Account                              Balance 
Common stock                    $5,100 
Accounts payable                $4,400 
Service revenue                   $17,100 
Land                                  $28,800 
Note payable                       $9,500 
Cash                                  $5,200 
Dividends                            $6,100 
Utilities expense                  $2,100 
Accounts receivable             $10,600 
Delivery expense                 $700 
Retained earnings                $25,600 
Salary expense                    $8,200<\/p>\n

Prepare the company\u2019s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.<\/p>\n<\/p><\/div>\n

      <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n
\n
\n Question 5.<\/span><\/p>\n

(TCO 4) Linda\u2019s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:<\/span><\/span><\/p>\n

Journals – Jan. 2001<\/span><\/span><\/p>\n

Purchases<\/span><\/span><\/p>\n

Supplier         Date Received         Quantity        Unit Cost       Amount<\/span><\/span><\/p>\n

Donna           01\/10\/01                110              12.00            1320.00<\/span><\/span><\/p>\n

Thomas         01\/15\/01                160              14.00             2240.00<\/span><\/span><\/p>\n

Cindy            01\/18\/01                150              15.00            2250.00<\/span><\/span><\/p>\n

Sales<\/span><\/span><\/p>\n

Customer      Date shipped    Quantity      Sel. Price                Amount         <\/span><\/span><\/p>\n

Norilene        01\/16\/01         200                  25.00                   5000.00<\/p>\n

<\/span>1.    <\/span><\/span><\/span><\/span>Calculate the ending inventory, using the perpetual inventory method: <\/p>\n

<\/span><\/span>A.     Using FIFO<\/p>\n

<\/span>B.     Using LIFO<\/span><\/span><\/p>\n

 <\/p>\n

C.     Using Average Cost<\/span><\/span><\/p>\n

 <\/p>\n

2.    <\/span><\/span><\/span>Prepare the following statement<\/span><\/span>             <\/p>\n

<\/span>Using<\/span><\/span><\/p>\n

                                      FIFO    LIFO        Average Cost<\/span><\/span><\/p>\n

Sales<\/span><\/span><\/p>\n

Cost of Sales          <\/p>\n

<\/span>Gross Profit<\/span><\/span><\/p>\n<\/p><\/div>\n

      <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n

\"Looking for a Similar Assignment? Order now and Get 10% Discount! Use Code \"Newclient\"<\/h5>\n\"\"<\/a>\n\n","protected":false},"excerpt":{"rendered":"

Account                              Balance Common stock                    $5,100 Accounts payable                $4,400 Service revenue                   $17,100 Land                                  $28,800 Note payable                       $9,500 Cash                                  $5,200 Dividends                            $6,100 Utilities expense                  $2,100 Accounts receivable             $10,600 Delivery expense                 $700 Retained earnings                $25,600 Salary expense                    $8,200 Prepare the company\u2019s trial [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"yoast_head":"\n2 accounting problems in 30 min - Nursing Writers help<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nursingwritershelp.com\/2-accounting-problems-in-30-min\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2 accounting problems in 30 min - 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