BUSI 1004 Study Guide - Midterm Guide: Current Liability, Retained Earnings, Financial Statement
31 Aug 2015
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The following are data available for blue grass for the month of june: (a. ) Calculate cost of goods sold and ending inventory under the following cost flow assumptions: (1. ) Assume net income using the weighted average cost-flow assumption was ,400. Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners" equity. (1. ) The firm borrowed ,000 from the bank; a short-term note was signed. (2. ) Merchandise inventory costing was purchased; cash of was paid and the balance is due in 30 days. (3. ) Employee wages of ,000 were accrued at the end of the month. (4. ) Merchandise that cost was sold for in cash. (5. ) This month"s rent of was paid. (6. ) Of this amount, ,000 was received in cash and the balance is expected to be received within 30 days. (7. )
