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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. $ 19,600 13,050 (150 units @ $87) 15,700 16,950 Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the co perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. $ 19,600 13,050 (150 units @ $87) 15,700 16,950 Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the co perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 27BEB: Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had...
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The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. $ 19,600 13,050 (150 units e $87) 15,700 16,950 Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost fl perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average
Transcribed Image Text:The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. $ 19,600 13,050 (150 units e $87) 15,700 16,950 Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash): 115 units @ $89 2. Second purchase (cash): 205 units @ $97 3. Sales (all cash): 425 units @ $185 4. Paid $14,950 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost fl perpetual inventory system is used. 1. FIFO 2. LIFO 3. Weighted Average
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