Financial Accounting

1 (D 550

2 . Correct Answer (D

3 . Opening Balance 475

May 1 Sale 550 - 225 325

EZ Plumbing balance 800

Correct Answer (D

4 . Correct Answer (D

5 . Ending Inventory (250 x 1 .65 (175 x 1 .75 718 .75

Correct Answer (B

6 . Units sold (300 1 ,000 800 ) - 425 1 ,675 units

FIFO Valuation : 425 x 1 .75 743 .75

Correct Answer (D AVCO Valuation : 425 x 1 .6667 708 .33

Correct Answer (C

8 . LIFO Valuation (300 x 1 .50 (125

x 1 .65 656 .25

Correct Answer (B

9 . Bank Statement Balance 24 ,500

Outstanding Checks 2 ,700

Deposit in Transit 800

Adjusted Cash Balance 22 ,600

Correct Answer (A

10 . Book Balance before adjustments (missing figure 23 ,100

NSF Checks 400

Service Charges 200

Interest Earned 100

Adjusted Cash Balance 22 ,600

Correct Answer (B

11 . Increase (Decrease : 100 - 400 - 200 500

Correct Answer (B

12 . Accumulated Deprecation 68 ,000 - 4 ,000 64 ,000

Correct Answer (B Net Book Value 68 ,000 - 8 ,000 60 ,000

Correct Answer (B Correct Answer (A

15 . Depreciation expense 64 ,000 x (12 .5 x 2 16 ,000

Correct Answer (C

16 . Accumulated Depreciation 7 years 8 ,000 x 7 56 ,000

Cost of Equipment 68 ,000

Accumulated Depreciation 56 ,000

Cash from Disposal 18 ,000

Profit 6 ,000

Correct Answer (A

17 . Income Statements Correct Answer (C (D

18 . Check amount 7 ,000 x 98 6 ,860

Correct Answer (B

19 . Assets (inventory...