Prepare journal entries and prepare t-account for inventory

Assignment Help Financial Management

Reference no: EM131815363

Having trouble with T-account question.

1. The following transactions occurred during January, the first month of operations for Ruby Corporation. Prepare journal entries and prepare a T-account for inventory that includes the following five transactions. (Hint: When inventory is sold, it should be expensed to a Cost of Goods Sold expense account.)

1. Purchased $950 of inventory on account.

2. Purchased $1,800 of inventory on account.

3. Sold inventory with an original cost of $450.

4. Purchased $1,100 of inventory on account.

5. Sold inventory with an original cost of $1,500.

2. The Ashwood Company has a long-term debt ratio of 0.30 and a current ratio of 1.70. Current liabilities are $950, sales are $5,110, profit margin is 9.40 percent, and ROE is 18.80 percent. What is the amount of the firm's net fixed assets? a $1,095.00 b $2,985.00 c $2,045.00 d $3,193.75 $4,600.00.

Reference no: EM131815363

Questions Cloud

Breakdown of roi in thinking about response : Why is it important to analyze profitability, specifically focusing on return on investment? Invoke the breakdown of ROI in thinking about your response.

What is the value of the bond : If the required rate of return is 3.84%, what is the value of the bond?

What process should managers use to determine : An important aspect of planning a project is to identify the risks that could be involved if the project is undertaken.

Father of accounting : The basis for today's accounting methods can be traced back more than 500 years. The man now known as the father of accounting, Friar Luca Pacioli

Prepare journal entries and prepare t-account for inventory : Prepare journal entries and prepare a T-account for inventory that includes the following five transactions.

Calculate the teller efficiency variance during april : During April, the bank averaged 57 customers per hour and had six tellers on duty at all times. Calculate the teller efficiency variance during April

Identify and describe the global market forces : Identify and describe the global market forces, risks, development chain, supply chain, and strategies from one of the following perspectives.

Space matrix analysis and the dimensions : 1. Explain what is meant by SPACE Matrix Analysis and the dimensions involved in the SPACE Matrix

Performance data to identify further opportunities : Research and discuss a method for using performance data to identify further opportunities for improvement.

User Account

All Pages