Homework Answers
Solution 1:
| Computation of inventory at base year prices and change from prior year -Marigold Company | ||||
| Year | Inventory at end of year prices | Price index | Inventory at base year prices | Change from Prior Years |
| 2014 | $76,400.00 | 100 | $76,400.00 | $0.00 |
| 2015 | $231,240.00 | 205 | $112,800.00 | $36,400.00 |
| 2016 | $225,576.00 | 234 | $96,400.00 | -$16,400.00 |
| 2017 | $254,762.00 | 254 | $100,300.00 | $3,900.00 |
| 2018 | $305,487.00 | 273 | $111,900.00 | $11,600.00 |
| 2019 | $363,089.00 | 283 | $128,300.00 | $16,400.00 |
| Computation of dollar value inventory - LIFO | |
| Particulars | Amount |
| December 31, 2014: | |
| $76,400*$1 | $76,400 |
| Inventory at Dec 31, 2014 | $76,400 |
| December 31, 2015: | |
| $76,400*$1 | $76,400 |
| $36,400*$2.05 | $74,620 |
| Inventory at Dec 31, 2015 | $151,020 |
| December 31, 2016: | |
| $76,400*$1 | $76,400 |
| $20,000*$2.05 | $41,000 |
| Inventory at Dec 31, 2016 | $117,400 |
| December 31, 2017: | |
| $76,400*$1 | $76,400 |
| $20,000*$2.05 | $41,000 |
| $3,900*2.54 | $9,906 |
| Inventory at Dec 31, 2017 | $127,306 |
| December 31, 2018: | |
| $76,400*$1 | $76,400 |
| $20,000*$2.05 | $41,000 |
| $3,900*2.54 | $9,906 |
| $11,600*2.73 | $31,668 |
| Inventory at Dec 31, 2018 | $158,974 |
| December 31, 2019: | |
| $76,400*$1 | $76,400 |
| $20,000*$2.05 | $41,000 |
| $3,900*2.54 | $9,906 |
| $11,600*2.73 | $31,668 |
| $16,400*2.83 | $46,412 |
| Inventory at Dec 31, 2019 | $205,386 |
Add Answer to:
CES Presented below is information related to Marigold Company. eve! Part Ending Inventory (End-of-Year Price Date...
Presented below is information related to Sheffield Company. Date Ending Inventory (End-of-Year Prices) Price Index December...
Presented below is information
related to Sheffield Company. Date Ending Inventory (End-of-Year
Prices) Price Index December 31, 2014 $ 84,700 100 December 31,
2015 164,199 147 December 31, 2016 161,112 168 December 31, 2017
181,636 182 December 31, 2018 218,932 196 December 31, 2019 258,825
203
Your answer is partially correct. Try again. Presented below is information related to Sheffield Company. Ending Inventory (End-of-Year Price Date Prices) Index December 31, 2014 $ 84,700 100 December 31, 2015 164,199 147 December...
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Question 12 A comparative balance sheet for Rocker Company appears below: Dec 31, 2019 ROCKER COMPANY...
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Presented below is information related to Bramble Company. Date Price Index 100 126 December 31, 2014...
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ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31,...
ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. $ 179,525 Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $999,750 2,122,050 152,650 139,750 666,500 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense 4,751,500 53,750 344,000 236,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For...
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I need the answer within 10 to 15 minutes please. gnment Exercise 12-7 comparative balance sheets...
I
need the answer within 10 to 15 minutes please.
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compute each of the following ratios ment Exercise 13-17 Ayayai Company has been operating for several years, and on...
compute each of the following ratios
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Presented below is information related to Bonita Company. Ending Inventory (End-of-Year Prices) Date Price Index $...
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inment CALCULATOR FULL SCREEN PRINTER Exercise 13-6 The three accounts shown below appear in the general...
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Presented below is information
related to Sheffield Company. Date Ending Inventory (End-of-Year
Prices) Price Index December 31, 2014 $ 84,700 100 December 31,
2015 164,199 147 December 31, 2016 161,112 168 December 31, 2017
181,636 182 December 31, 2018 218,932 196 December 31, 2019 258,825
203
Your answer is partially correct. Try again. Presented below is information related to Sheffield Company. Ending Inventory (End-of-Year Price Date Prices) Index December 31, 2014 $ 84,700 100 December 31, 2015 164,199 147 December...
Problem 8-3A Presented below is an aging schedule for Larkspur, Inc. Number of Days Past Due Not Over 90 Customer Total 1-30 31-60 Yet Due 61-90 $ 25,800 Anders $11,800 $14,000 Blake 40,400 40,400 Coulson 58,400 16,800 5,800 $35,800 Deleon 33,200 $33,200 133,400 Others 97,000 6,300 16,300 13,800 $291,200 $154,200 $33,900 $27,800 $35,800 $39,500 Estimated Percentage Uncollectible 3% 6% 14% 24% 49% Total Estimated Bad Debts $ 8,592 $38,499 $4,626 $ 2,034 $3,892 $19,355 At December 31, 2019, the unadjusted...
Question 12 A comparative balance sheet for Rocker Company appears below: Dec 31, 2019 ROCKER COMPANY Comparative Balance Sheet Dec. 31, 2020 Assets Cash $34,000 Accounts receivable 18,000 Inventory 25,000 Prepaid expenses 6,000 Long-term investments 0 Equipment 60,000 Accumulated depreciation--equipment (20,000) Total assets Hilver $123,000 Liabilities and Stockholder's Equity Accounts payable $17,000 Bonds payable 36,000 Common stock 40,000 Retained earnings 30,000 Total liabilities and stockholders' equity $123,000 $11,000 13,000 17,000 9,000 17,000 33,000 (15,000) $85,000 dy $7,000 45,000 23,000 10,000...
Presented below is information related to Bramble Company. Date Price Index 100 126 December 31, 2014 December 31, 2015 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Ending Inventory (End-of-Year Prices) $ 77,100 140,238 138,528 155,844 185,808 223,590 156 168 174 Compute the ending inventory for Bramble Company for 2014 through 2019 using the dollar-value LIFO method. Ending Inventory 2014 2015 2017 2018 2019
ignment CALCULATOR FULL SCREE Exercise 5-8 In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. $ 179,525 Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $999,750 2,122,050 152,650 139,750 666,500 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense 4,751,500 53,750 344,000 236,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For...
The comparative statements of Crane Company are presented here: Crane Company Income Statements For the Years Ended December 31 2020 Net sales $1,898,740 Cost of goods sold 1,066,740 Gross profit 832,000 Selling and administrative expenses 508,200 Income from operations 323,800 Other expenses and losses Interest expense 23,700 Income before income taxes 300,100 Income tax expense 93,700 Net income $206,400 2019 $1,758,700 1,014,200 744,500 487,200 257,300 21,700 235,600 74,700 $160,900 Crane Company Balance Sheets December 31 Assets 2020 2019 Current assets...
I
need the answer within 10 to 15 minutes please.
gnment Exercise 12-7 comparative balance sheets for Bridgeport Company. Shown below are Bridgeport Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $143,888 $ 46,552 Accounts receivable 186,208 160,816 Inventory 353,372 399,924 Land 169,280 211,600 Equipment 550,160 423,200 Accumulated depreciation-equipment (139,656) (67,712) Total $1,263,252 $1,174,380 Liabilities and Stockholders' Equity Accounts payable Bonds payable $82,524 $90,988 317,400 423,200 Common stock ($1 par) 457,056 368,184 Retained earnings 406,272 292,008 Total $1,263,252...
compute each of the following ratios
ment Exercise 13-17 Ayayai Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. AYAYAI COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $43,500 Accounts payable $82,800 Receivables 70,300 Mortgage payable 136,200 Inventory 103,400 Common stock ($1 par) 145,300 Plant assets (net) 227,900 Retained earnings 80,800 $445,100 $445,100 The net income for 2017 was $24,200. Assume that total assets are the same in 2016 and 2017 Compute each...
Presented below is information related to Bonita Company. Ending Inventory (End-of-Year Prices) Date Price Index $ 78,300 100 169,936 169,128 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 191,457 226,345 269.220 Compute the ending inventory for Bonita Company for 2017 through 2022 using the dollar-value LIFO method. Compute the ending inventory for Bonita Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $ 2018 $ 2019...
inment CALCULATOR FULL SCREEN PRINTER Exercise 13-6 The three accounts shown below appear in the general ledger of Herrick Corp. during 2015. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 68,820 52,720 Balance 160,230 229,050 281,770 232,210 49,560 Date Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 29,350 Depreciation for year mo Jan. 1 Nov. 10 Dec. 31 Credit Balance 69,990 40,640 70,170...
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