S6-4 – FIFO, LIFO, & Average Cost (Print Supplies, Inc)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Prepare the income statement using the average cost, FIFO, and LIFO methods.
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Prepare the income statement using the average cost, FIFO, and LIFO methods.
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Record depreciation for the concession stands for year five using the straight-line method.
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Given the information on the oil company – find the depreciation method, the entry for removing barrels, and cost of sales entry.
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Given the information on the report – find the return on assets.
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Given the information on the garden supply company — create a schedule for each individual assets then create a journal entry.
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Given purchased companies, capital expenditures, sold operations, and net income – create a statement of cash flows.
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Determine the total purchases during the year given inventory and COGS.
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Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
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Given the purchased inventory costing and the short-term note payable — prepare the journals for the purchase of inventory and accrual of interest.
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Given the purchased inventory cost and the short-term note payable — prepare the journal entry for the purchase of inventory and payment of the note.
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