ACC230 Uses of Accounting Information I At Home Midterm – Part 2

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his part is worth 75 points.

Please make sure you have answered all questions prior to submitting. Once submitted, you will not be able to return. After 1.5 hours have passed, part 2 of the exam will automatically be saved and submitted. There is a timer in the upper right hand corner of the exam to help you keep track.

 


Part 2

 

 

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Cost of goods available for sale $1,074,450
Ending inventory (FIFO) 85,430
Replacement cost of ending inventory 91,730

What amount must be reported for cost of goods sold on the income statement?

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  1. Compute each account’s adjusted balance by combining the trial balance and adjustment figures. Enter each account’s adjusted amount in the Adjusted Trail Balance columns.
  2. Enter the account titles and their unadjusted balances in the Trial Balance columns of the worksheet and total the columns.
  3. Extend (copy) the asset, liability, and owner’s equity amounts from the Adjusted Trial Balance to the Balance Sheet columns. Copy the revenue and expense amounts to the Income Statement columns. Total the statement columns.
  4. Enter the adjusting entries in the Adjustments columns and total the amounts.
  5. On the income statement column, compute net income. Enter net income as the balancing amount on the income statement and balance sheet columns. Total the income statement and balance sheet columns.

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Sales revenue $460,000
Costs of goods sold 300,000
Operating expenses 85,000
Sales discounts 20,000
Sales returns and allowances 15,000
Interest Revenue 5,000

Refer to Table 5.1. What is gross profit?

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  1. James Patel, the owner, deposited $3,000 in the company’s new checking account.
  2. Mr. Patel paid the first month’s rent of $400.
  3. Mr. Patel purchased equipment by signing a note payable of $11,000.
  4. Cash sales for the month were $4,500.
  5. Mr. Patel purchased cooking supplies for $1,400.

After the accountant posts these entries to the general ledger, what is the balance in the cash account?

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