E 7.32 – Ricco’s Automotive
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given currency and the receipts for expenditures… prepare the general journal.
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Given currency and the receipts for expenditures… prepare the general journal.
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Given a list of debits and credits along with ending inventory… find the costs of goods sold.
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Given a list of information regarding the company… prepare a journal entry for the transactions under both perpetual and periodic inventory systems.
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Given a list of records for three consecutive years… find the missing numbers.
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Given a list of transactions… calculate the correct inventory balance that would be reported on the balance sheet.
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Determine the cost of goods sold for the year using the FIFO and LIFO methods.
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Given the selling price, cost, and the cost to sell for three different products… find the product cost for each and the per-unit value.
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Given the cost per unit and selling price per product… make the net realizing table.
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Given you the products, their total cost, total replacement cost, and total net realizable value… determine the carrying value and the adjusting journal entry. For part 1, use the lower of cost or market (LCM) rule.
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Given the amount that damaged goods can be sold for, the inventory, the net purchases, and the net sales… calculate the loss on inventory using the gross profit method.
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