Preparing A Balance Sheet, Journal Entry And Ending Inventory With Cost Of Goods Sold Must be submitted to me as a Excel file Please take a look at the fi

Click here to Order a Custom answer to this Question from our writers. It’s fast and plagiarism-free.

Preparing A Balance Sheet, Journal Entry And Ending Inventory With Cost Of Goods Sold

Must be submitted to me as a Excel file

Please take a look at the file I have attached with all the instructions and problems. Please also note to separate each problem in its own tab

Chapter 4

Problem 1 – Prepare a classified balance sheet
The following information relates to JB’s Auto Shop for 2021:
Retained earnings $100,000 Buildings $169,000
Notes payable due in 2024 63,955 Cash 74,000
Long-term investments 29,070 Accounts payable 13,566
Common stock 20,000 Inventory 11,560
Prepaid rent 3,800 Accumulated depreciation¾buildings 42,019
Salaries and wages payable 47,890
Purpose
The purpose of this problem is to demonstrate an understanding of analyzing accounting information and preparing a financial statement.
Instructions
After analyzing the data, prepare a classified balance sheet for JB’s Auto Shop as of December 31, 2021.
Guidance
For formatting guidance, see the balance sheet examples that are provided in Chapter 4 of the textbook.
Your Answer:

Chapter 5

Problem 2 – Prepare journal entries
Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC. Both companies use perpetual inventory systems. Here are the
details related to the transactions between the two companies:
Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC paying $6,080 for the goods. The cost of the goods
for Palm Tree, LLC is $4,930.
Purpose
The purpose of this problem is to demonstrate an understanding of analyzing merchandising transactions and preparing journal entries.
Instructions
After analyzing the transactions, prepare the journal entries for both companies (indicate which journal entry/entries are for which
company in your responses).
Guidance
For formatting guidance, see the journal entry examples that are provided in Chapter 5 of the textbook.
Your Answers:

Chapter 6

Problem 3 – Calculate ending inventory and cost of goods sold
Princess Company uses a periodic inventory system. The company’s records for the month of February were as follows:
Date Units Unit Cost Total Cost
February 1 Inventory 10 $12 $120
February 8 Purchase 90 14 1,260
February 17 Purchase 35 15 525
February 28 Purchase 20 16 320
Total 155 $2,225
146 units were sold in February.
Purpose
The purpose of this problem is to demonstrate an understanding of calculating ending inventory and cost of goods sold using different cost flow
assumptions.
Instructions
After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.
Guidance
For guidance, see the calculation examples that are provided in Chapter 6 of the textbook.
Your Answers:
FIFO LIFO
Ending inventory at February 28th
Cost of goods sold
Show your calculations for each amount:

Place your order now for a similar assignment and have exceptional work written by one of our experts, guaranteeing you an A result.

Need an Essay Written?

This sample is available to anyone. If you want a unique paper order it from one of our professional writers.

Get help with your academic paper right away

Quality & Timely Delivery

Free Editing & Plagiarism Check

Security, Privacy & Confidentiality