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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.)

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ekkarill92 answered 1 year ago
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