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Accounting And Finance Problems
PLEASE DO NOT BID FOR THIS ASSIGNMENT IF YOU ARE NOT GOOD WITH SOLVING MATH PROBLEMS AND BEING ABLE TO EXPLAIN FINANCIAL TERMS/CONCEPTS.
Week 3 Homework Problems – 8 problems total
Complete the following Workbook Template Week 3Preview the document. Problems E5-2 and E5-6 are from Chapter 5 and P5-5B from the Textbook Student Companion Site. Problems 6-2B and 6-3B from Chapter 6 are located on the Textbook Student Companion Site Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.
(Week 3 homework template, chapter 5, problems P5-5B, 6-2B and 6-3B are attached)
Learning Activity
Read the “Continuing Problem Cookie Creations” for Chapter 4 on page 205 of the Textbook. Go to the Textbook’s Student Companion Website, www.wiley.com/college/kimmel, to see the completion of this problem. Using the Excel file BUS591 Final Project TemplatePreview the documentprovided in Module 6, complete the requirements listed on the “Instructions” tab of the excel spreadsheet for Chapter 4.
For Part D, post the adjusting entries to the general ledger accounts, adding to the balances you did in Part B. Be sure to total new balances for each account.
(Continuing Problem Cookie Creation for Chapter 4 and Final Project Template are attached)
Link to Textbook’s Student Companion for your reference. All problems and supporting documentation are attached - http://bcs.wiley.com/he-bcs/Books?action=index&bcsId=9831&itemId=1118953908
Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.
Save the file as follows: lastnamewk1.docx
Submit to the assignment box before the due date. (Late assignments will receive a late penalty).
Remember to show your calculations where necessary! (Use empty space under the tables to do so).
Exercise 5-2
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Date
Account Titles and Explanation
Debit
Credit
Sept. 6
9
10
12
12
14
14
20
20
Exercise 5-6 is on the next page
Exercise 5-6
(a) Prepare an income statement using the format presented in Illustration 5-11.
(b) Prepare a comprehensive income statement.
(c) Calculate the profit margin and gross profit rate.
(a)
LIEU COMPANY
Income Statement
For the Month Ended January 31, 2017
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Amount (Total)
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income before income taxes
Amount
Income tax expense
Amount
Net Income
Amount
(b)
LIEU COMPANY
Comprehensive Income Statement
For the Month Ended January 31, 2017
Net Income
Amount
Other Comprehensive Income (net of tax)
Amount
Comprehensive Income
Amount (Total)
(c) Profit Margin
Enter text answer here.
Gross Profit Rate
Enter text answer here.
PROBLEM 5-5B
Prepare a correct detailed multiple-step income statement.
WRIGHT COMPANY
Income Statement
For the Month Ended December 31, 2014
Sales Revenues
Account title
Amount
Account title
Amount
Account title
Amount
Net Sales
Cost of goods sold
Gross profit
Amount
Operating Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total operating expenses
Amount
Income from operations
Amount
Other revenues and gains
Account title
Amount
Other expenses and losses
Account title
Amount
Amount (Total)
Income before income taxes
Income tax expense
Net Income
Problem 6-2B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (LIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
AVERAGE COST (Round to the nearest decimal, i.e., $1.01)
(1) Ending Inventory
(2) Cost of Goods Sold
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
Enter your answer here
Problem 6-3B
(a) Determine the Cost of Goods Available for Sale
Date
Explanation
Units
Unit Cost
Total Cost
Total
(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average-cost). Prove the accuracy of the cost of goods sold under each method.
FIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (FIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
LIFO
(1) Ending Inventory
(2) Cost of Goods Sold
Date
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Amount
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
Proof of Cost of Goods Sold (LIFO)
Date
Units
Unit Cost
Total Cost
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Total
Amount
Total
Amount
AVERAGE COST (Round to the nearest decimal, i.e., $1.01)
(1) Ending Inventory
(2) Cost of Goods Sold
Units
Unit Cost
Total Cost
Cost of goods available for sale
Amount
Amount
Amount
Less: ending inventory
Amount
Total
Amount
Total
Amount
Cost of Goods Sold
Amount
(c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?
Enter your answer here
3-62 Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Financial Accounting, 6/e, Solutions Manual (For Instructor Use Only)
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