Name:
Section:
Score: 45%
*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.
Key Code:
1.
Not Past Over
Customer Balance Due
1–30 31–60 61–90 91–120 120
AAA Beauty 19,500$ 20,000$
Amelia’s Wigs 8,000 8,000$
2-6.
= Liabilities +
Accounts Allow. For Retained
Cash + Receivable
–Doubtful Accts. = + Earnings
2. Dec. 31, 20Y7 Bad debt exp.
3. Dec. 31, 20Y7 Bad debt exp.
4. Mar. 4, 20Y8
5. Aug. 17, 20Y8
7.
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Aging of Receivables Schedule
December 31, 20Y7
Days Past Due
Assets
Stockholders’ Equity
Statement of
Cash Flows
Income
Statement
2
Problem 6-1
Instructions
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Name:
Section:
Score:
Scoring: ON
1.
2-6.
= Liabilities +
Accounts Allow. For Retained
Cash + Receivable –
Doubtful Accts.
= + Earnings
2. Dec. 31, 20Y7 (42,466)$ (42,466)$ (42,466)$ Bad debt exp.
3. Dec. 31, 20Y7 (62,500) (62,500) (62,500) Bad debt exp.
4. Mar. 4, 20Y8 (4,350)$ 4,350
Assets
Stockholders’ Equity
Statement of
Cash Flows
Problem 6-1
See student sheet for student’s score
SOLUTION
Income
Statement
Balance Sheet
Instructions
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Aging of Receivables Schedule
December 31, 20Y7
Days Past Due
Name:
Section:
Score: 0%
Exercise 6-2
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Instructions
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Score:
Scoring: ON
Exercise 6-2
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SOLUTION
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Instructions
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Section:
Score: 0%
Key Code:
1. First-In, First-Out Method
Model Quantity Unit Cost Total Cost
101Sx
2. Last-In, First-Out Method
Model Quantity Unit Cost Total Cost
101Sx
3. Average Cost Method
Model Quantity Unit Cost Total Cost
Model Quantity Unit Cost Total Cost Model Quantity Unit Cost Total Cost
101Sx
256Br
378Wh
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Problem 6-4
Instructions
2
Totals Totals
378Wh
Totals
Average cost
Totals
Average cost
4. a. Enter your response below.
4. b. Enter your response below.
Name:
Section:
Score:
Scoring:
1. First-In, First-Out Method
Model Quantity Unit Cost Total Cost
101Sx 6 225$ 1,350$
3222 666
256Br 4 140 560
4130 520
2. Last-In, First-Out Method
Model Quantity Unit Cost Total Cost
101Sx 9 213$ 1,917$
256Br 8 120 960
378Wh 4 305 1,220
590Pm 2 520 1,040
3. Average Cost Method
Model Quantity Unit Cost Total Cost
101Sx 9 218$ 1,962$
256Br 8 126 1,008
378Wh 4 311 1,244
Total 10,962$
Problem 6-4
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Instructions
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ON
SOLUTION
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Average Cost Computations:
Model Quantity Unit Cost Total Cost Model Quantity Unit Cost Total Cost
101Sx 9 213$ 1,917$ 661Qu 6 520$ 3,120$
7 215 1,505 8 531 4,248
6 222 1,332 4 549 2,196
6 225 1,350 6 542 3,252
Totals 28 6,104$ Totals 24 12,816$
Average cost 218$ Average cost 534$
16 37 592
378Wh 6 305$ 1,830$ 14 39 546
3 310 930 Totals 50 1,850$
3 316 948
4 317 1,268 Average cost 37$
Totals 16 4,976$
4. a. Enter your response below.
4. b. Enter your response below.
During periods of declining prices, the FIFO method will result in a lesser amount of net
income and would be preferred for income tax purposes.
During periods of rising prices, the LIFO method will result in a lesser amount of net
income and would be preferred for income tax purposes.
Name:
Section:
Score: 0%
Key Code:
Unit
Unit Market
Description Cost Price Cost Market LCM
Z55p
12
Total
J023 5
L33y 375
Total
Total
S77x
6
38
R66b
90
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Inventory Sheet
December 31, 20Y9
Total
Inventory
Quantity
112Aa
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Problem 6-5
Instructions
2
18
41
Name:
Section:
Score:
Scoring:
Unit
Unit Market
Description Cost Price Cost Market LCM
18
41
25 80$ 83$ 2,000$ 2,075$
Total 10,130$ 9,900$ 9,900$
H687 60 15$ 15$ 900$ 900$ 900$
J023 5 385$ 390$ 1,925$ 1,950$ 1,925$
L33y 375 6$ 6$ 2,250$ 2,250$ 2,250$
80 22$ 18$ 1,760$ 1,440$
10 21$ 18$ 210 180
Total 1,970$ 1,620$ 1,620$
SOLUTION
Problem 6-5
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Instructions
ON
Inventory Sheet
December 31, 20Y9
38
112Aa
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R66b
90
Total
Inventory
Quantity
12
Name:
Section:
Score: 0%
Cost of merchandise available for sale:
units at
=
units at
=
units at
=
units at
=
units
a. First-in, first-out:
Merchandise inventory:
units at
=
units at
=
units
Merchandise sold
Merchandise sold
Merchandise sold
Exercise 6-15
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Section:
Score:
Scoring: ON
Merchandise Merchandise
Cost of merchandise available for sale:
42 units at $180
=7,560$
58 units at $195
=11,310
20 units at $204
=4,080
30 units at $210
=6,300
150 units 29,250$
a. First-in, first-out:
Merchandise inventory:
30 units at $210
=6,300
7 units at $204
=1,428
37 units 7,728$
Exercise 6-15
Inventory
A red asterisk (*) will appear in the column to the right of an incorrect answer.
Cost
SOLUTION
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Instructions
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Name:
Section:
Score: 0%
Unit Unit
Inventory Cost Market
Commodity Quantity Price Price Cost Market LCM
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Total
Exercise 6-18
Instructions
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Score:
Scoring: ON
Unit Unit
Inventory Cost Market
Commodity Quantity Price Price Cost Market LCM
Exercise 6-18
Instructions
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Total
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