BE 06.14 – Powder Ski Shop
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Given a chart with quantity, unit cost, and NRV of jackets and skis… complete a chart calculating ending inventory.
Given a chart with quantity, unit cost, and NRV of jackets and skis… complete a chart calculating ending inventory.
Prepare journal entries, partial balance sheets, evaluate the allowance of uncollectables, create a partial income statement with sales revenues, cost of goods sold, and gross profit. Calculate cost of goods sold and ending inventory using FIFO.
Then, using information about the net realizable value, reestimate the partial income statement and balance sheets. Finally, create a depreciation schedule showing depreciation and book values and record adjusting entries for depreciation and insurance.
Prepare a multiple-step income statement.
Calculate ending inventory, cost of goods sold, sales revenue, and gross profit using FIFO, LIFO, and weighted-average cost.
Calculate ending inventory, cost of goods sold, sales revenue, and gross profit using FIFO, LIFO, and weighted-average cost.
Record transactions for the purchase and sale of inventory.
Record transactions for the purchase, return, and sale of inventory.
Record transactions and payment. Inventory, accounts payable, cost goods sold, revenue, etc.
Record transactions of Sundance Systems. Inventory, accounts payable, cost of goods sold, sales revenue, etc.
Calculate the total cost of ending inventory. Record any adjustments and explain.