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

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  Question1  of 37Question2  of 37Question3  of 37Question4  of 37Question5  of 37Question6  of 37Question7  of 37Question8  of 37Question9  of 37Question10  of 37Question11  of 37Question12  of 37Question13  of 37Question14  of 37Question15  of 37Question16  of 37Question17  of 37Question18  of 37 Cost of goods available for sale$1,074,450Ending inventory (FIFO)85,430Replacement cost of ending inventory91,730What amount must be reported for cost of goods sold on the income statement?Question19  of 37Question20  of 37Question21  of 37 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.Enter the account titles and their unadjusted balances in the Trial Balance columns of the worksheet and total the columns.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.Enter the adjusting entries in the Adjustments columns and total the amounts.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.Question22  of 37Question23  of 37Question24  of 37Question25  of 37Question26  of 37Question27  of 37Question28  of 37Question29  of 37Question30  of 37Question31  of 37Question32  of 37 Sales revenue$460,000Costs of goods sold300,000Operating expenses85,000Sales discounts20,000Sales returns and allowances15,000Interest Revenue5,000Refer to Table 5.1. What is gross profit?Question33  of 37Question34  of 37Question35  of 37Question36  of 37Question37  of 37James Patel, the owner, deposited $3,000 in the company’s new checking account.Mr. Patel paid the first month’s rent of $400.Mr. Patel purchased equipment by signing a note payable of $11,000.Cash sales for the month were $4,500.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?