BE 06.04 – Calculate Missing Amounts
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Given a grid of revenues, cost of goods sold, gross profit, operating expenses, and net income… fill in the missing amounts.
Given a grid of revenues, cost of goods sold, gross profit, operating expenses, and net income… fill in the missing amounts.
Given beginning inventory, two purchases, units purchased unit cost, and the total cost… calculate ending inventory under FIFO inventory system.
Given the beginning, purchases, unit cost, total cost, and amount sold… calculate the ending inventory and cost of goods sold using the LIFO inventory system.
Given the beginning inventory, purchases, units, unit cost, and units sold… calculate the ending inventory and cost of goods sold using weighted-average cost. This is ONLY for the weighted-average cost method. This is NOT for LIFO, this is NOT for FIFO.
Given the beginning inventory, purchases, unit cost, and actual sales… calculate the ending inventory and cost of goods sold using a specific identification inventory system.
Given the amount that inventory was purchased and sold… record the transactions under the perpetual inventory system.
Record the issuance of the note payable and the first monthly payment.
What amount of interest expense will be recorded?
Calculate the debt to equity ratio, return on assets ratio, and the times interest earned ratio.