ncome Seme Stotementof Cono Ever

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

hi! can you create the inventory tracking for this?

Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Price/
Price/
Price/
Units
Unit
Total
Units
Unit
Total
Units
Unit
Total
Beg Bal
Purchases:
14,000 $ 2.00 | $ 28,000
14,000 $ 2.00 $ 28,000
$
25,000
1
28,750
25,000
1
29,150
170,000
2
255,000
170,000
2
254,100
275,000
1
371,250
181,000
1
272,850
94,000
1
126,900
300,000
1
345,000
Total
NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Average method discussed in LO5-6
Transcribed Image Text:Goods Available for Sale Cost of Goods Sold Ending Inventory Price/ Price/ Price/ Units Unit Total Units Unit Total Units Unit Total Beg Bal Purchases: 14,000 $ 2.00 | $ 28,000 14,000 $ 2.00 $ 28,000 $ 25,000 1 28,750 25,000 1 29,150 170,000 2 255,000 170,000 2 254,100 275,000 1 371,250 181,000 1 272,850 94,000 1 126,900 300,000 1 345,000 Total NOTE: You will need to calculate your estimated COGS for the budget template tab using the Weighted Average method discussed in LO5-6
Balance Sheet
Income Statement
Statement of Cash Flows
Assets
Liab
Notes Pay
Events
Equity
Acct Rec
Inventory
Building
Аcct Pay
Div Pay
Wages Pay
Retain Earnings
Accum Depr
8,333.00 | $
Cash
Equipment
Land
Common Stock
ΑΡIC
Account Titles
Revenue
Expense
Net Income
Туре
Amount
Beginning Balances as of Dec 31, Year 1
1.Acquired $550,000 by signing a note payable with a local bank
2. Sold 25,000 shares of $22 Common Stock for $1,500,000
3. Purchased Equipment for $300,000
4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit
5a. Sold 15,000 units at $3.50 on Account
17,500.00 | $ 28,000.00
257,000.00 | $
550,000
1,500,000
(300,000)
24
50,000.00 | $
250,000.00
118,000.00
200,000.00 $
100,000.00 | $
176,167.00
Financing
$4
$ 1,500,000
$4
$4
550,000
550,000
550,000 $
Financing
Investing
950,000
$4
28,750
300,000
(300,000)
$4
52,500
28,750
Non Cash
$4
Non Cash
$4
(29,150)
52,500
52,500
52,500
5b. COGS for Sales on Account
(29,150)
$4
(29,150)
$4
29,150 | $
Non Cash
70,000 |$
(117,250)
(70,000)
Operating
Operating
6. Collect $70,000 on AcCount
7. Paid $117,250 of Accounts Payable
8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit
9a. Sold 175,000 units at $3.50 on Account
9b. COGS for Sales on Account
10. Collect $472,500 on Account
11. Paid $218,600 of Accounts Payable
12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit
13a. Sold 200,000 units at $3.50 on Account
70,000
$4
$4
$ (117,250)
(117,250)
255,000
$4
612,500
255,000
Non Cash
$4
$4
612,500
(254,100)
612,500
612,500
(254,100)
Non Cash
(254,100)
254,100 $
Non Cash
472,500 $
(218,600)
Operating
Operating
Non Cash
Non Cash
$4
(218,600)
(472,500)
472,500
$4
$ (218,600.00)
371,250
$4
371,250
$4
$4
$4
(272,850)
700,000
700,000
700,000
700,000
272,850 $
$4
(735,000)
13b. COGS for Sales on Account
(272,850)
(272,850)
$4
Non Cash
735,000| $
14. Collect $735,000 on Account
15. Paid $494,150 of Accounts Payable
16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit
17. Paid Sales & Marketing Expenses of $30,000
18. Paid Operating Expenses of $75,708
19. Record Wages Payable of $40,000
20. Paid Product Line Research & Development Expenses of $150,000
21. Paid Advertising Expenses of $87,500
24
%24
Operating
Operating
735,000
(494,150)
$4
(494,150.00)
(494,150)
345,000
$4
345,000.00
Non Cash
(30,000)
(75,708)
30,000 | $
75,708 |$
$4
(30,000)
$4
(75,708)
(30,000)
(75,708)
(40,000)
(150,000)
(87,500)
(30,000)
(75,708)
(40,000)
(150,000)
(87,500)
Operating
Operating
$4
$4
$4
40,000
$4
40,000 | $
$4
150,000 $
Operating
Operating
(150,000)
(150,000)
$4
(87,500)
$4
87,500 | $
$4
(87,500)
22. Made the yearly required payment on the note payable. The note carries a 7%
$
interest rate and requires payments of $50,000 plus interest each December 31.
38,500 | $
(88,500)
(50,000)
$
(38,500)
$
(38,500)
Operating
(88,500)
23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage
Value of $38,000 & useful life of 7 Yrs
24. Declared a $10,000 cash dividend for stockholders
25. Paid a $10,000 cash dividend for stockholders
$
37,429.00
(37,429)
$
37,429 | $
(37,429)
Non Cash
10,000.00
(10,000)
Non Cash
$4
(10,000)
2,012,792 $
2$
$4
(10,000.00)
Financing
Net Change in Cash
$4
(10,000)
$ 1,755,792
$4
Balance at end of Yr 2
105,000 | $
471,900 $ 300,000 | $
50,000 | $
250,000
45,762 $
288,000 | $
500,000 $
40,000 $
750,000 $
1,050,000 $
515,930
1,365,000 $ 1,015,237 $
349,763
Total Assets
$
3,143,930
Total Liabilities & Equity
3,143,930
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Transcribed Image Text:Balance Sheet Income Statement Statement of Cash Flows Assets Liab Notes Pay Events Equity Acct Rec Inventory Building Аcct Pay Div Pay Wages Pay Retain Earnings Accum Depr 8,333.00 | $ Cash Equipment Land Common Stock ΑΡIC Account Titles Revenue Expense Net Income Туре Amount Beginning Balances as of Dec 31, Year 1 1.Acquired $550,000 by signing a note payable with a local bank 2. Sold 25,000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment for $300,000 4. Purchased Inventory on Account - 25,000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 17,500.00 | $ 28,000.00 257,000.00 | $ 550,000 1,500,000 (300,000) 24 50,000.00 | $ 250,000.00 118,000.00 200,000.00 $ 100,000.00 | $ 176,167.00 Financing $4 $ 1,500,000 $4 $4 550,000 550,000 550,000 $ Financing Investing 950,000 $4 28,750 300,000 (300,000) $4 52,500 28,750 Non Cash $4 Non Cash $4 (29,150) 52,500 52,500 52,500 5b. COGS for Sales on Account (29,150) $4 (29,150) $4 29,150 | $ Non Cash 70,000 |$ (117,250) (70,000) Operating Operating 6. Collect $70,000 on AcCount 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170,000 Units at $1.50 per unit 9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit 13a. Sold 200,000 units at $3.50 on Account 70,000 $4 $4 $ (117,250) (117,250) 255,000 $4 612,500 255,000 Non Cash $4 $4 612,500 (254,100) 612,500 612,500 (254,100) Non Cash (254,100) 254,100 $ Non Cash 472,500 $ (218,600) Operating Operating Non Cash Non Cash $4 (218,600) (472,500) 472,500 $4 $ (218,600.00) 371,250 $4 371,250 $4 $4 $4 (272,850) 700,000 700,000 700,000 700,000 272,850 $ $4 (735,000) 13b. COGS for Sales on Account (272,850) (272,850) $4 Non Cash 735,000| $ 14. Collect $735,000 on Account 15. Paid $494,150 of Accounts Payable 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 17. Paid Sales & Marketing Expenses of $30,000 18. Paid Operating Expenses of $75,708 19. Record Wages Payable of $40,000 20. Paid Product Line Research & Development Expenses of $150,000 21. Paid Advertising Expenses of $87,500 24 %24 Operating Operating 735,000 (494,150) $4 (494,150.00) (494,150) 345,000 $4 345,000.00 Non Cash (30,000) (75,708) 30,000 | $ 75,708 |$ $4 (30,000) $4 (75,708) (30,000) (75,708) (40,000) (150,000) (87,500) (30,000) (75,708) (40,000) (150,000) (87,500) Operating Operating $4 $4 $4 40,000 $4 40,000 | $ $4 150,000 $ Operating Operating (150,000) (150,000) $4 (87,500) $4 87,500 | $ $4 (87,500) 22. Made the yearly required payment on the note payable. The note carries a 7% $ interest rate and requires payments of $50,000 plus interest each December 31. 38,500 | $ (88,500) (50,000) $ (38,500) $ (38,500) Operating (88,500) 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10,000 cash dividend for stockholders $ 37,429.00 (37,429) $ 37,429 | $ (37,429) Non Cash 10,000.00 (10,000) Non Cash $4 (10,000) 2,012,792 $ 2$ $4 (10,000.00) Financing Net Change in Cash $4 (10,000) $ 1,755,792 $4 Balance at end of Yr 2 105,000 | $ 471,900 $ 300,000 | $ 50,000 | $ 250,000 45,762 $ 288,000 | $ 500,000 $ 40,000 $ 750,000 $ 1,050,000 $ 515,930 1,365,000 $ 1,015,237 $ 349,763 Total Assets $ 3,143,930 Total Liabilities & Equity 3,143,930 %2A A A %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24 A %2A 4 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 4 %24
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