Chapter 7: Complete exercise E7-2, E7-3 and E7-5 Chapter 8: Complete mini exercise M8-10, M8-11 and M8-13

\fE7-2 SOLUTIONS! SOLUTIONS! Determine the correct inventory balance Present Balance a. b. c. d. Appropriate Balance Inventory $70,000 Cost of Goods Sold $420,000 E7-3 SOLUTIONS! SOLUTIONS! Record Journal Entries Debit a. b. c. d. Credit E7-5 SOLUTIONS! SOLUTIONS! Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO and Weighted Average Cost SOLUTIONS! Date Units Unit Cost Total Cost (1) Date Units Unit Cost Total Cost Date Units Unit Cost Total Cost Date Units Unit Cost Total Cost Date Units Unit Cost Total Cost Goods Available for Sale (2) (3) M8-10 SOLUTIONS! SOLUTIONS! Using the Interest Formula to Compute Intrest A B C Principal Amount on Note Annual Interest Time Period Receivable Rate (months) $100,000 10% $40,000 10% Interest Earned 6 9 12 $3,000 $4,000 M8-11 SOLUTIONS! SOLUTIONS! Recording Notes Receivable Transations DB A B CR M8-13 SOLUTIONS! SOLUTIONS! Reporting Accounts and Notes Receivable in a Classified Balance Sheet Adobe Systems, Inc. Partial Balance Sheet As of November 30, 20XX (in millions) Assets: Current Assets Cash and Cash Equivalents Short-term investments Accounts Receivable Allowance for Doubful Accounts Accounts Receivable, Net of Allowance Prepaid Rent Total Current Assets Amount