IWU-National& Global and Wesic X Workshop Two Assignment ? ezto.mheducation.com/

Question

IWU-National& Global and Wesic X Workshop Two Assignment ? ezto.mheducation.com/hm.tpx???0.29388885471379544-152874569505 connect. ACCOUNTING Workshop Two Assignment Question 13 (of 16) 13. 50 poins value Exercise 3-9 Effect of product cost and period cost: Horizontal statements model The Sports Store experienced the following events for the 2014 accounting period 1. Acquired $40,000 cash from th? issue of common stock 2. Purchased $78.000 of inventord.on account 3 Received goods purchased in Event 2 FOB shipping point? freight cost of S900 pad in cash. 4 Sold inventory on account that cost $46,000 for $72,000 5. Freight cost on the goods sold in Event 4 was $560 The goods were shipped FOB destination. Cash was paid for the freight cost 6. Customer in Event 4 returned $5,100 worth of goods that had a cost of $2,950 7 Collected $61,500 cash from accounts recervable 8 Paid $66,100 cash on accounts payable 9 Paid $2.600 for advertising expense 10 Paid S3. 100 cash for insurance expense Required

Explanation / Answer

The Sports Store Horizontal Statements Model for 2014 Event Balance Sheet Income Statement Statement of Cash Flows Assets = Liabilities + Stockholders' Equity Revenue - Expense = Net Income Cash + Accounts Receivable + Inventories = Accounts Payable + Common Stock Retained Earnings 1 40000 + + = + 40000 - = 40000 FA 2 + + 78000 = 78000 + - = NA 3 -900 + + 900 = + - = -900 OA 4a + + -46000 = + -46000 - 46000 = -46000 NA 4b + 72000 + = + 72000 72000 - = 72000 NA 5 -560 + + = + -560 - 560 = -560 -560 OA 6a + -5100 + = + -5100 -5100 - = -5100 NA 6b + + 2950 = + 2950 - -2950 = 2950 NA 7 61500 + -61500 + = + - = 61500 OA 8 -66100 + + = -66100 + - = -66100 OA 9 -2600 + + = + -2600 - 2600 = -2600 -2600 OA 10 -3100 + + = + -3100 - 3100 = -3100 -3100 OA Bal. 28240 + 5400 + 35850 = 11900 + 40000 17590 66900 - 49310 = 17590 28240 NC

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.