\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>\nJournals – Jan. 2001<\/span><\/span><\/p>\nPurchases<\/span><\/span><\/p>\nSupplier Date Received Quantity Unit Cost Amount<\/span><\/span><\/p>\nDonna 01\/10\/01 110 12.00 1320.00<\/span><\/span><\/p>\nThomas 01\/15\/01 160 14.00 2240.00<\/span><\/span><\/p>\nCindy 01\/18\/01 150 15.00 2250.00<\/span><\/span><\/p>\nSales<\/span><\/span><\/p>\nCustomer Date shipped Quantity Sel. Price Amount <\/span><\/span><\/p>\nNorilene 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>\nSales<\/span><\/span><\/p>\nCost 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 | |