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

Question2 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?