Reference no: EM131665289
Problem 1 - The following is the Bravo Unlimited adjusted Trail Balance.
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Bravo Unlimited Adjusted Trial Balance December 31, 2016
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Account Title
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Debit
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Credit
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Cash
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$88,450
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|
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Accounts Receivable
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331,860
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|
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Supplies
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11,255
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|
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Prepaid Rent
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5,500
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Equipment
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295,285
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Accumulated Depreciation
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$236,260
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Accounts Payable
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72,555
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Wages Payable
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10,000
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Capital Stock
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220,000
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Retained Earnings
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111,145
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Service Revenue
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898,105
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Interest Income
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1,500
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Rent Expense
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66,000
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Wages Expense
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537,260
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|
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Supplies Expense
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42,520
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|
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Depreciation Expense
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164,595
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Dividends
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6,840
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________
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Totals
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$1,549,565
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$1,549,565
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What are the dollar values that will appear in Bravo Unlimited year end financial statements for the following line items: (For any Net Loss the dollar value must be enclosed in brackets and do not use a minus sign.)
1. Total Current Assets
2. Total Quick Assets
3. Total Current Liabilities
4. Net Income or (Net Loss)
5. Retain Earnings
Problem 2 - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:
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Date
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Activity
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a.
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Jan. 3
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Purchased on account 350 widgets for $11 each.
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b.
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Jan. 5
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Sold on account 500 widgets for $30 each.
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c.
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Jan. 10
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Purchased on account 650 widgets for $12 each.
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d.
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Jan. 12
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Returned 50 widgets received from Jan. 10 purchase.
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e.
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Jan. 13
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Paid for the purchases made on Jan. 3.
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f.
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Jan. 21
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Sold on account 550 widgets for $30 each.
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g.
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Jan. 25
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Received payment for the sale made on Jan. 5.
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h.
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Jan. 26
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Paid for the purchases made on Jan. 10.
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i.
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Jan. 31
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Received payment for the sale made on Jan. 21.
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Using the FIFO method, determine the dollar values following for the month of January:
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold
Problem 3 - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:
|
Date
|
Activity
|
|
a.
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Jan. 3
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Purchased on account 350 widgets for $11 each.
|
|
b.
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Jan. 5
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Sold on account 400 widgets for $30 each.
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c.
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Jan. 10
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Purchased on account 625 widgets for $12 each.
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d.
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Jan. 12
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Returned 50 widgets received from Jan. 10 purchase.
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e.
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Jan. 13
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Paid for the purchases made on Jan. 3.
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f.
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Jan. 21
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Sold on account 550 widgets for $30 each.
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|
g.
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Jan. 25
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Received payment for the sale made on Jan. 5.
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|
h.
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Jan. 26
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Paid for the purchases made on Jan. 10.
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i.
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Jan. 31
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Received payment for the sale made on Jan. 21.
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Using the Weighted Average method, determine the dollar values following for the month of January: (Enter only whole dollar values.)
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold