Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
3 / 20 / 2019 Wiley PLUS Comprehensive Accounting Cycle Review 6\ On December 1 , 2017 , Carla Vista Co . had the account balances shown below ....
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances shown below.
Debits
Credits
Cash$4,640Accumulated Depreciation—Equipment$1,380Accounts Receivable3,760Accounts Payable2,900Inventory (2,700 x $0.50)1,350Common Stock10,800Equipment19,400Retained Earnings14,070$29,150$29,150
The following transactions occurred during December.
Dec. 3Purchased 3,700 units of inventory on account at a cost of $0.78 per unit.5Sold 4,100 units of inventory on account for $0.90 per unit. (It sold 2,700 of the $0.50 units and 1,400 of the $0.78.)7Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory.17Purchased 2,200 units of inventory for cash at $0.80 each.22Sold 2,100 units of inventory on account for $0.88 per unit. (It sold 2,100 of the $0.78 units.)
Adjustment data:
1.Accrued salaries and wages payable $400.2.Depreciation on equipment $200 per month.3.Income tax expense was $200, to be paid next year.
Journalize the December transactions and adjusting entries, assuming Carla Vista Co. uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
(To record sales revenue.)
(To record cost of goods sold.)
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
(To record sales return.)
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
(To record sales revenue.)
(To record cost of goods sold.)
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
(1)
(To record accrued expense.)(2)
(To record depreciation expense.)(3)
(To record income tax expense.)
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.)
Cash
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Accounts Receivable
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Inventory
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 1 Bal.
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Equipment
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Accounts Payable
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Accumulated Depreciation—Equipment
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Salaries and Wages Payable
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Common Stock
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Income Taxes Payable
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Retained Earnings
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Sales Revenue
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Salaries and Wages Expense
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Cost of Goods Sold
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Sales Returns & Allowances
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Depreciation Expense
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Income Tax Expense
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
Dec. 1 Bal.
Dec. 3
Dec. 5
Dec. 7
Dec. 17
Dec. 22
Dec. 31
Dec. 31 Bal.
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an adjusted trial balance as of December 31, 2017.
Carla Vista Co.
Adjusted Trial Balance
December 31, 2017
For the Month Ended December 31, 2017
For the Year Ended December 31, 2017
Debit
Credit
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an income statement for December 2017.
Carla Vista Co.
Income Statement
December 31, 2017
For the Month Ended December 31, 2017
For the Year Ended December 31, 2017
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
$
Add
Less
:
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
$
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
Dividends
Gross Profit
Income Before Income Taxes
Income From Operations
Net Income / (Loss)
Net Sales
Operating Expenses
Other Expenses and Losses
Other Revenues and Gains
Retained Earnings, December 1, 2012
Retained Earnings, December 31, 2012
Sales Revenues
Total Operating Expenses
Total Revenues
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare a classified balance sheet at December 31, 2017. (List current assets in order of liquidity.)
Carla Vista Co.
Balance Sheet
December 31, 2017
For the Month Ended December 31, 2017
For the Year Ended December 31, 2017
Assets
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
Add
Less
:
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Liabilities and Stockholders' Equity
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
(a) Compute ending inventory and cost of goods sold under FIFO, assuming Carla Vista Co. uses the periodic inventory system.
Ending Inventory$
Cost of Goods Sold$
(b) Compute ending inventory and cost of goods sold under LIFO, assuming Carla Vista Co. uses the periodic inventory system.
Ending Inventory$
Cost of Goods Sold$
- Attachment 1
- Attachment 2
- Attachment 3
- Attachment 4
- Attachment 5
