Exercise 06.08 – Staley Electronics
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition
With the purchase inventory on account at a discount… record both the purchase and the payment.
With the purchase inventory on account at a discount… record both the purchase and the payment.
Record transactions and payment. Inventory, accounts payable, cost goods sold, revenue, etc.
Record transactions of Sundance Systems. Inventory, accounts payable, cost of goods sold, sales revenue, etc.
Given a list of transactions… record the transactions for both GameGirl and DS Unlimited using perpetual inventory.
Calculate the total cost of ending inventory. Record any adjustments and explain.
Calculate the total cost of ending inventory, and ending inventory. Record any adjustment, explain.
Calculate cost of goods, the inventory turnover, average days in inventory. Explain.
Calculate gross profit, operating income, income before income taxes, and net income.
Record the transactions and the period-end adjustment to cost of goods.
Given accounts balances and a list of transactions… complete 7 different parts which include recording each transaction, recording adjusting entries, preparing an adjusted trial balance, preparing a multi-step income statement, preparing a balance sheet, recording closing entries, and analyzing company ratios.