Basic transactions for three accounting cycles: Perpetual system
Ramsey Company was started in 2011 when it acquired $60,000 from the issue of common stock.The following data summarize the company’s first three years’ operating activities. Assume that all transactions were cash transactions.
| 2011 | 2012 | 2013 |
Purchases of inventory | $24,000 | $12,000 | $20,500 |
Sales | 26,000 | 30,000 | 36,000 |
Cost of goods sold | 13,400 | 18,500 | 20,000 |
Selling and administrative expenses | 5,500 | 8,200 | 10,100 |
(Hint: Record the transaction data for each accounting period in T-accounts before preparing the statements for that year.)
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