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Question;Question 1: PREPARE FINANCIAL STATEMENTS;Trial;Balance;For the;year ended, October 31, 2010;Cash 218,000Accounts receivable 280,000Inventories 74,000Prepaid insurance 6,000 Supplies 4,000Furnitures and fixtures 100,000Accumulated depreciation, furnitures & fixtures 60,000Building 250,000Accumulated depreciation, building 140,000Accounts payable 310,000;Accounts payable 310,000;Salaries payable 5,000;Unearned service;revenue 13,000;Notes payable;($12,000 due in the current year) 40,000;Mortgage payable;(1/3 due in the current year) 30,000;Retained;earnings (beginning) 293,000;Dividends 65,000;Service revenue 300,000;Professional;fees revenue 30,000;Salary expense 170,000;Supplies expense 4,000;Depreciation;expense, furniture & fixtures 20,000;Depreciation;expense, building 11,000;Rent expense 8,000;Interest expense 7,000;Utilities;expense 4,000;1) Prepare an income statement;2) Prepare a statement of retained earnings;3) Prepare a CLASSIFIED balance sheet;Question 3;DEPRECIATION METHODS (Use 3 decimal places for the depreciation rate only. The rest of the numbers rounded to a whole;number.);Data;on delivery truck purchased on January 1, 2007;Cost;of delivery truck $50,000;Estimated;residual value $2,000;Estimated;useful life;Years 5 years;Units of production 100,000 miles;REQUIRED;Calculate;depreciation at each year end that applies;Straight-line;method (use the table below);Depreciation Depreciable Depreciation Accumulated Book;Date;Rate Cost Expense Depreciation;Value;Units;of production method (use the table below);Assumption: Truck is driven 30,000 miles on the 1st;year, 20,000 on the 2nd year, 23,000 on the 3rd year, 17,000;on the 4th year, and 10,000 during the 5th year.;Depreciation Number of Depreciation Accumulated;Book;Date Per Unit Units Expense Depreciation;Value;Double-declining;balance method;Depreciation;Accumulated Book;Date DDB Rate Expense Depreciation;Value;Quiz 4;INVENTORY METHODS (USE 2 DECIMAL PLACES);Robert;opened a music store that sells compact disks of pop music. The store is called All Pops. At the end of the year, a physical inventory;count revealed that 3,400 of those disks are on hand.;Assume the following;for All Pops: Strictly Classical purchased 1,000 CDs as follows;Date No. of disks purchased Cost/Unit Total Cost;Jan;1 700 $6.20 $;Mar 8 2,500 $6.45 $;Jun;23 3,800 $6.35 $;Aug;6 3,000 $6.30 $;Sep;15 4,200 $6.25 $;Dec 8 3,000 $6.40 $;Total;$;REQUIRED;Calculate the Cost of Merchandise Sold and ending inventory value using: (Use;the table below as your guide);1) FIFO method;2) LIFO method;3) AVERAGE-COST method;Method Ending;Inventory Cost;of Merchandise Sold;FIFO;Method Ending;Inventory Cost;of Merchandise Sold;LIFO;Method Ending;Inventory Cost;of Merchandise Sold;AVG-COST ="msonormal">


Paper#37491 | Written in 18-Jul-2015

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