Exercise 06.15 – Lewis Incorporated & Clark Enterprises
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Calculate cost of goods, the inventory turnover, average days in inventory. Explain.
Calculate cost of goods, the inventory turnover, average days in inventory. Explain.
Calculate gross profit, operating income, income before income taxes, and net income.
Record the transactions and the period-end adjustment to cost of goods.
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.