BE 8.04 – Videotech Corporation (VTC)
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Prepare the necessary journal entries assuming they use the net method.
Calculator Preview
Your numbers will vary.
Prepare the necessary journal entries assuming they use the net method.
Your numbers will vary.
Prepare the necessary journal entries to record the transactions.
Your numbers will vary.
Given the amount that merchandise was purchased for, the freight charges, the cost of merchandise returned, cost of the merchandise, and how much it was sold for… prepare a journal entry for the transactions.
Your numbers will vary.
Determine the correct inventory amount to be reported.
Your numbers will vary.
Prepare the journal entry to record the purchase and payment.
Your numbers will vary.
Gives you the inventory cost at the beginning of the year. Gives you the end of the year cost for the next 3 years and asks for the amount on the balance sheet for the end of the third year.
Your numbers will vary.
Compute the gross profits and the gross profit ratios under LIFO and FIFO.
Your numbers will vary.
Given financial data for two years, determine the company’s gross profit in the newer year, the turnover ratio for a newer year, and the average days in inventory.
Your numbers will vary.
Given the cost of merchandise purchased along with the amount it was sold for, they ask you to prepare journal entries to record the purchase and sale under both perpetual and periodic inventory systems.
Your numbers will vary.
Given the inventory layers including unit price and purchases, they ask you to determine the cost of goods sold for the year along with the LIFO liquidation profit.
Your numbers will vary.