Exercise 06.17 – Littleton Books
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Record the transactions and the period-end adjustment to cost of goods.
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Record the transactions and the period-end adjustment to cost of goods.
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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.
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Given a list of transactions… record the transactions using a perpetual inventory system along with preparing a multi-step income statement. The second question asks you to do the same but using a periodic inventory system.
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Given a list of transactions… record them using the perpetual system along with preparing the top section of the multiple-step income statement.
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Given quantity, unit cost, and unit NRV… calculate the cost of inventory, fill in the chart for cost or net realizable value, and record the adjustments.
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Given a chart with items, quantity, unit cost, and unit NRV… calculate the total cost of inventory, complete a chart with lower cost or NRV, and record journal entries for inventory.
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Given financial data for the company… prepare a multi-step income statement, calculate inventory turnover, and calculate gross profit ratio.
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Given a chart of financial data for the company… prepare a multiple-step income statement, calculate inventory ratio, and calculate gross profit ratio.
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Given net sales, cost of goods sold, gross profit, and average inventory… calculate the inventory turnover ratio and gross profit ratio for both companies.
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Given net sales, cost of goods sold, gross profit, and average inventory… calculate inventory turnover and gross profit ratio for both companies.