Exam 2 Problems W21 Home Insert Draw Page Layout Formulas Data Review View Our Arial A- A- WT General B 7 format $ % ) Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? G41 Conditional Format Formatting Styles et Format 1 L Date Accounts Debit Crec A D G H 1 1 On the Go Warehouse distributes suitcases to retail stores and extends credit form 2 of 1/10, 1/30 to all of its customers. The following selected transactions occurred 3 On the go uses the allowance method to report bad debt 40 points 4 12/1/2000 Sold 40 suitcases on account to Luggage World for $315 each, the cost of each suitcase was $180 5 12/3/2000 Purchased 85 suitcases on account for $135 each from Trunk Manufacturing, toma 1/15.30 7 12/7/2020 Luggage World returned 7 of the suitcases sold on Dec 1 This luggage was not defective Luggage World purchased 7 more than needed 9 12/0/2020 Received firal payment from Luggage World from the Dec 1 sale 10 19/10/2020 Wrote-off the account receivable of Packom-up, Inc. $1200, who notified on the Go Wirehouse 11 that it would be unable to pay the amount duo 12 12/15/2020 Received a request from Samson Company for an extension of time for the account receivable (1650) ta that was die on Dec 15. Their request was granted and they signed a 60-day, 11. note 14 12/20/2020 Pald Trunk Manufacturing the amount owed 15 12/25/2020 Surprisingly received a check from Packamp, Inc., for payment in 16 of the amount owed that was written off on Dec 10. $1200 17 12/31/2020 Estimated bad debts, based on an aging of accounts receivable. The allowance for collectible accounts 18 accounts has a $1350 debit balance prior to the adjustments below 19 20 Age of Accounts 1-30 Days 31-60 Days 61-60 Days Over Days 21 Total Balance $60,000 $16.000 $14,000 $10.000 22 $100,000 1% 5% 10% 23 Estimate% uncollectible 24 12/31/20 Accrued interest on the Dec 15 note receivable. 25 2/15/21 (next year) Received payment, inul on the amount owed from Samson Company on Dec 15. 22 28 19 Please record journal entries for the above transactions, in the space to the right 10 31 12 33 34 35 Exam Instructions SVSU ID Transactions FOUFO Financial Statements B I U- ili Format Merye & Center % 2 39 Conditional Format Formatting Table Ced Styles Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 51 D E F G H 1 1 M N You are given the following information for Aberro Company for the year ended June 30. 1 Aberro uses the periodic method for inventory. 2 Date Description Units Unit Cost or Selling Price 4 60 5 6 7 1-Jun Beginning inventory 5-Jun Purchase 6-Jun Sale 10-Jun Purchase 15-Jun Sale 23-Jun Purchase 30 Jun Sale 120 1001 100 60 70 1101 49.50 54.45 74.25 59.90 81.68 65.88 89.841 10 Calculatel) ending inventory. ) cost of goods sold for EACH of the LIFO, FIFO and Average Cost cost flow 12 methods. 13 14 15 16 24 points 18 19 20 21 22 23 24 25 26 22 28 Exam Instructions SVSU ID Transactions FIFOLIFO Financial Statements + Rearly Home Draw Page Layout Formulas Data Review View X Cut Bia 10 - A-A- Cory Tee General Format 81 U er Center 0 ) Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left oft? 32 Contramat Det Format Style D Format A D G H 1 M Below is a big balance for Cardinals, Accounts are in phabetical order F Cardinaline. Become sement 16 points Cardin, the Balance Sheet Deb Credit 6,255 16,650 9.000 4,140 1,755 6,795 9,000 Accounts payable Accounts receivable Acumulated depreciation Allowance for our accounts Bad debt expense Cash Common stock Cost of goods sold Equipment taventory Long-termoles payable Prepaid rent Rent expense Retained emines Salaries expense 15,750 40,500 7,335 21.600 8,335 9,000 20,250 10,080 50.625 Cardinals, Inc. Statement of Retained Earnings Sales discounts Sales returns Supplies Us expense Total 990 1,125 990 1.575 120,870 120.870 Given the above information for Cardinals, Inc. prepare a multiple-step income statement, a statement of retained earnings, and a classified balance sheet FORMAT STATEMENTS APPROPRIATELY SVSU ID Transactions FIFOLIFO Exam Instructions Financial Statements Exam 2 Problems W21 Home Insert Draw Page Layout Formulas Data Review View Our Arial A- A- WT General B 7 format $ % ) Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? G41 Conditional Format Formatting Styles et Format 1 L Date Accounts Debit Crec A D G H 1 1 On the Go Warehouse distributes suitcases to retail stores and extends credit form 2 of 1/10, 1/30 to all of its customers. The following selected transactions occurred 3 On the go uses the allowance method to report bad debt 40 points 4 12/1/2000 Sold 40 suitcases on account to Luggage World for $315 each, the cost of each suitcase was $180 5 12/3/2000 Purchased 85 suitcases on account for $135 each from Trunk Manufacturing, toma 1/15.30 7 12/7/2020 Luggage World returned 7 of the suitcases sold on Dec 1 This luggage was not defective Luggage World purchased 7 more than needed 9 12/0/2020 Received firal payment from Luggage World from the Dec 1 sale 10 19/10/2020 Wrote-off the account receivable of Packom-up, Inc. $1200, who notified on the Go Wirehouse 11 that it would be unable to pay the amount duo 12 12/15/2020 Received a request from Samson Company for an extension of time for the account receivable (1650) ta that was die on Dec 15. Their request was granted and they signed a 60-day, 11. note 14 12/20/2020 Pald Trunk Manufacturing the amount owed 15 12/25/2020 Surprisingly received a check from Packamp, Inc., for payment in 16 of the amount owed that was written off on Dec 10. $1200 17 12/31/2020 Estimated bad debts, based on an aging of accounts receivable. The allowance for collectible accounts 18 accounts has a $1350 debit balance prior to the adjustments below 19 20 Age of Accounts 1-30 Days 31-60 Days 61-60 Days Over Days 21 Total Balance $60,000 $16.000 $14,000 $10.000 22 $100,000 1% 5% 10% 23 Estimate% uncollectible 24 12/31/20 Accrued interest on the Dec 15 note receivable. 25 2/15/21 (next year) Received payment, inul on the amount owed from Samson Company on Dec 15. 22 28 19 Please record journal entries for the above transactions, in the space to the right 10 31 12 33 34 35 Exam Instructions SVSU ID Transactions FOUFO Financial Statements B I U- ili Format Merye & Center % 2 39 Conditional Format Formatting Table Ced Styles Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 51 D E F G H 1 1 M N You are given the following information for Aberro Company for the year ended June 30. 1 Aberro uses the periodic method for inventory. 2 Date Description Units Unit Cost or Selling Price 4 60 5 6 7 1-Jun Beginning inventory 5-Jun Purchase 6-Jun Sale 10-Jun Purchase 15-Jun Sale 23-Jun Purchase 30 Jun Sale 120 1001 100 60 70 1101 49.50 54.45 74.25 59.90 81.68 65.88 89.841 10 Calculatel) ending inventory. ) cost of goods sold for EACH of the LIFO, FIFO and Average Cost cost flow 12 methods. 13 14 15 16 24 points 18 19 20 21 22 23 24 25 26 22 28 Exam Instructions SVSU ID Transactions FIFOLIFO Financial Statements + Rearly Home Draw Page Layout Formulas Data Review View X Cut Bia 10 - A-A- Cory Tee General Format 81 U er Center 0 ) Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left oft? 32 Contramat Det Format Style D Format A D G H 1 M Below is a big balance for Cardinals, Accounts are in phabetical order F Cardinaline. Become sement 16 points Cardin, the Balance Sheet Deb Credit 6,255 16,650 9.000 4,140 1,755 6,795 9,000 Accounts payable Accounts receivable Acumulated depreciation Allowance for our accounts Bad debt expense Cash Common stock Cost of goods sold Equipment taventory Long-termoles payable Prepaid rent Rent expense Retained emines Salaries expense 15,750 40,500 7,335 21.600 8,335 9,000 20,250 10,080 50.625 Cardinals, Inc. Statement of Retained Earnings Sales discounts Sales returns Supplies Us expense Total 990 1,125 990 1.575 120,870 120.870 Given the above information for Cardinals, Inc. prepare a multiple-step income statement, a statement of retained earnings, and a classified balance sheet FORMAT STATEMENTS APPROPRIATELY SVSU ID Transactions FIFOLIFO Exam Instructions Financial Statements