Question
In: Accounting
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year 2: Cash $ 19,700 Beginning inventory 17,200 (200 units @ $86) Common stock 14,200 Retained earnings 22,700 The following five transactions occurred in Year 2: First purchase (cash) 115 units @ $88 Second purchase (cash) 195 units @ $96 Sales (all cash) 345 units @ $196 Paid $14,200 cash for salaries expense Paid cash for income tax at the rate of 25 percent of income before taxes
Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 2:
Cash
$
19,700
Beginning inventory
17,200
(200 units @ $86)
Common stock
14,200
Retained earnings
22,700
The following five transactions occurred in Year 2:
First purchase (cash) 115 units @ $88
Second purchase (cash) 195 units @ $96
Sales (all cash) 345 units @ $196
Paid $14,200 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
18,500
Beginning inventory
17,800
(200 @ $89)
Common stock
14,400
Retained earnings
21,900
The following five transactions occurred in Year 3:
First purchase (cash): 120 units @ $91
Second purchase (cash): 200 units @ $99
Sales (all cash): 350 units @ $195
Paid $13,700 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3: Cash $ 17,600 Beginning
inventory 18,480 (210 @ $88) Common stock 14,400 Retained earnings
21,680 The following five transactions occurred in Year 3: First
purchase (cash): 120 units @ $90 Second purchase (cash): 200 units
@ $98 Sales (all cash): 360 units @ $198 Paid $16,650 cash for
salaries expense Paid cash for income tax at the rate of 25 percent
of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
17,700
Beginning inventory
20,680
(220 @ $94)
Common stock
14,700
Retained earnings
23,680
The following five transactions occurred in Year 3:
First purchase (cash): 125 units @ $96
Second purchase (cash): 195 units @ $104
Sales (all cash): 375 units @ $200
Paid $16,100 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 2:
Cash
$
18,900
Beginning inventory
19,135
(215 units @ $89)
Common stock
15,900
Retained earnings
22,135
The following five transactions occurred in Year 2:
First purchase (cash) 120 units @ $91
Second purchase (cash) 195 units @ $99
Sales (all cash) 365 units @ $191
Paid $15,200 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
19,000
Beginning inventory
18,245
(205 @ $89)
Common stock
14,600
Retained earnings
22,645
The following five transactions occurred in Year 3:
First purchase (cash): 120 units @ $91
Second purchase (cash): 200 units @ $99
Sales (all cash): 355 units @ $186
Paid $15,750 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3: Cash $ 19,900 Beginning
inventory 18,000 (200 @ $90) Common stock 15,000 Retained earnings
22,900 The following five transactions occurred in Year 3: First
purchase (cash): 120 units @ $92 Second purchase (cash): 200 units
@ $100 Sales (all cash): 350 units @ $190 Paid $13,950 cash for
salaries expense Paid cash for income tax at the rate of 25 percent
of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
19,800
Beginning inventory
19,270
(205 @ $94)
Common stock
14,400
Retained earnings
24,670
The following five transactions occurred in Year 3:
First purchase (cash): 115 units @ $96
Second purchase (cash): 200 units @ $104
Sales (all cash): 350 units @ $195
Paid $14,500 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
17,500
Beginning inventory
19,475
(205 @ $95)
Common stock
15,800
Retained earnings
21,175
The following five transactions occurred in Year 3:
First purchase (cash): 120 units @ $97
Second purchase (cash): 200 units @ $105
Sales (all cash): 355 units @ $185
Paid $14,600 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year...
The accounting records of Wall’s China Shop reflected the
following balances as of January 1, Year 3:
Cash
$
18,300
Beginning inventory
17,400
(200 @ $87)
Common stock
15,600
Retained earnings
20,100
The following five transactions occurred in Year 3:
First purchase (cash): 120 units @ $89
Second purchase (cash): 195 units @ $97
Sales (all cash): 350 units @ $193
Paid $13,800 cash for salaries expense
Paid cash for income tax at the rate of 25 percent of income...
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