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  • Quiz 2 Solutions - Sheet1

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    Joshua Recede
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    1) A financial statement shows profits of $255,534 in 2020 and $294,954 in 2021 for a company. 2) An investment of $300,000 earning 16% interest per year would be worth $4,800,000 after one year. Taking out $450,000 and adding $704,000 would leave a balance of $5,054,000. 3) Inventory records for June show beginning balance of $6,000 at $20 per unit. Purchases and sales throughout the month along with ending balance and calculations show a profit of $523,200.

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    1) A financial statement shows profits of $255,534 in 2020 and $294,954 in 2021 for a company. 2) An investment of $300,000 earning 16% interest per year would be worth $4,800,000 after one year. Taking out $450,000 and adding $704,000 would leave a balance of $5,054,000. 3) Inventory records for June show beginning balance of $6,000 at $20 per unit. Purchases and sales throughout the month along with ending balance and calculations show a profit of $523,200.

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    14 views2 pages

    Quiz 2 Solutions - Sheet1

    Uploaded by

    Joshua Recede
    1) A financial statement shows profits of $255,534 in 2020 and $294,954 in 2021 for a company. 2) An investment of $300,000 earning 16% interest per year would be worth $4,800,000 after one year. Taking out $450,000 and adding $704,000 would leave a balance of $5,054,000. 3) Inventory records for June show beginning balance of $6,000 at $20 per unit. Purchases and sales throughout the month along with ending balance and calculations show a profit of $523,200.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Problem 1

    3,000,000 (1+0.1)-10 = 1156629.868 2019 89.91416667


    2020 91.34886667
    #28 2021 93.16513333
    Date Statement of finacial position profit lost statemrnt
    2020 2,740,466 259534 + 300000
    2021 2,794,954

    Problem 2
    31) (300,000)(16) = 4,800,000.00
    32) 4,800,000 - 450,000 + 704,000 = 5,054,000.00

    34- 35)
    June 1 Inventory Balance 6,000.00 20.00
    purchases 9,000.00 24.00
    Sales 10800
    Purchases 14400 26
    Sales 16400
    Purchases 4800 27

    6000 (20)
    9000 (24)
    14400 (26)
    (4800) (27) 840000

    6000 950400
    9000
    14,400 129600
    4800 187200
    34200 316800
    -10,800
    11,400 840,000
    12,000 316800
    523,200
    36- 37 purchases sales balance
    9000(24) 10,800 ((22)(4)) 120,000
    14,400(26) 11,500((25)(19)) 336,000
    48,000(27 94,000
    468400
    81,314
    310914

    529086

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