Exercise 06.13 – Home Furnishings
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Calculate the total cost of ending inventory. Record any adjustments and explain.
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Calculate the total cost of ending inventory. Record any adjustments and explain.
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Calculate the total cost of ending inventory, and ending inventory. Record any adjustment, explain.
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Calculate cost of goods, the inventory turnover, average days in inventory. Explain.
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Calculate gross profit, operating income, income before income taxes, and net income.
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Record the transactions and the period-end adjustment to cost of goods.
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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.
Your numbers will vary.