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ACC101 Problems

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Question;Problem 1 (13 points)In the table below, indicate with an "X" in the proper column whether the account is a (nominal) temporary account or a (real) permanent account.Problem 2 (5 points)Calculate the current ratio in each of the following separate cases.Problem 3 (29 points)Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December.Problem 4 (13 points);A company that uses a perpetual inventory system made the following cash purchases and sales:1. Prepare general journal entries to record the March 16 sale assuming a cash sale and the FIFO method is used.2. Prepare the general journal entry to record the March 16 sale assuming a cash sale and the LIFO method is used.

 

Paper#43304 | Written in 18-Jul-2015

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