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Ford Co. uses a periodic inventory system. Its records show the following for the month
of May, in which 75 units were sold.
Instructions
Compute the ending inventory at May 31 and cost of goods sold using the FIFO and
LIFO methods. Prove the amount allocated to cost of goods sold under each method.
Answer:
The chart of accounts used by Notwist Copy Company is listed below. You are to
indicate the proper accounts to be debited and credited for the following transactions by
writing the account number(s) in the appropriate boxes.
'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”'”
Answer:
The following information is available for Gaynor Corporation:
Instructions
Based on the preceding information, calculate return on common stockholders' equity.
Answer:
A cash register tape shows cash sales of $1,800 and sales taxes of $126. The journal
entry to record this information is
Answer:
Three important dates associated with dividends are the: (1)__________________,
(2)__________________, and (3)__________________.
Answer:
What purposes are served by reporting Unrealized Gains (Losses)'”Equity in the
stockholders' equity section?
Answer:
Which permits partial derecognition of receivables?
Answer:
Under IFRS, companies can choose which inventory system?
Answer:
Foley Word Processing Service uses the straight-line method of depreciation. The
company's fiscal year end is December 31. The following transactions and events
occurred during the first three years.
Instructions
Prepare the necessary entries. (Show computations.)
Answer:
The dividends account is closed to the Income Summary account in order to properly
determine net income (or loss) for the period.
Answer:
