E 8.03 – Askew Company
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
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 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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Determine the correct inventory amount to be reported.
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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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Prepare the journal entry to record the purchase and payment.
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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 truck cost and notes payable – find the accrued interest, final payment, and interest expense for both years.
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Given the purchased inventory cost and the short-term note payable – prepare the entry for inventory interest, and note plus interest.
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Given the accrued warranty payable, sales revenue, percent of sales, and amount paid to satisfy claims – prepare the entry for warranty expense, the income statement, and balance sheet.
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