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Week 3 – Assignment  Week Three Homework Problems Complete the following Workboo

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Week 3 – Assignment  Week Three Homework Problems Complete the following Workbook Template Week Three. Problems E5-2 and E5-6 are from Chapter 5 and P5-5B from the Textbook Student Companion Site. Problems 6-2B and 6-3B from Chapter 6 are located on the Textbook Student Companion Site. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit. Carefully review the Grading Rubric (Links to an external site.)Links to an external site. for the criteria that will be used to evaluate your assignment.    Week 3 Homework Template Instructions: Only enter data in the yellow boxes. The remaining areas are already completed for you.  Save the file as follows:  lastnamewk1.docx Submit to the assignment box before the due date. (Late assignments will receive a late penalty). Remember to show your calculations where necessary! (Use empty space under the tables to do so). Exercise 5-2 (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).     Date Account Titles and Explanation Debit Credit   Sept.   6     9      10     12     12     14     14      20      20   Exercise 5-6 is on the next page    Exercise 5-6 (a) Prepare an income statement using the format presented in Illustration 5-11.  (b) Prepare a comprehensive income statement. (c) Calculate the profit margin and gross profit rate. (a)    LIEU COMPANY   Income Statement   For the Month Ended January 31, 2017   Sales   Revenues   Account   title Amount   Account   title Amount   Account   title Amount Amount (Total)   Net   Sales   Cost   of goods sold   Gross   profit Amount   Operating   Expenses   Account   title Amount   Account   title Amount   Account   title Amount   Account   title Amount   Total   operating expenses Amount   Income   before income taxes Amount   Income   tax expense Amount   Net   Income Amount (b)    LIEU COMPANY   Comprehensive Income Statement   For the Month Ended January 31, 2017     Net   Income Amount   Other   Comprehensive Income (net of tax) Amount    Comprehensive   Income Amount   (Total)  (c) Profit Margin     Enter text answer here.                 Gross Profit Rate    Enter text answer here.                 PROBLEM 5-5B Prepare a correct detailed multiple-step income statement.     WRIGHT COMPANY   Income Statement   For the Month Ended December 31, 2014   Sales   Revenues   Account title Amount   Account title Amount   Account title Amount   Net   Sales   Cost   of goods sold   Gross   profit Amount   Operating   Expenses   Account   title Amount   Account   title Amount   Account   title Amount   Account   title Amount   Account   title Amount   Account   title Amount   Account   title Amount   Total   operating expenses Amount   Income   from operations Amount   Other   revenues and gains   Account   title Amount   Other   expenses and losses   Account   title Amount Amount (Total)   Income   before income taxes   Income   tax expense   Net   Income Problem 6-2B (a) Determine the Cost of Goods Available for Sale    Date Explanation Units Unit Cost Total Cost           Total    (b) Determine the ending inventory and cost of goods sold under each of the assumed cost flow methods. Prove the accuracy of the cost of goods sold under FIFO and LIFO. FIFO    (1) Ending Inventory  (2) Cost of Goods Sold   Date Units Unit Cost Total Cost Cost of goods   available for sale Amount   Amount Amount Less: ending   inventory Amount   Amount Amount   Total Amount Total Amount Cost of Goods Sold Amount    Proof   of Cost of Goods Sold (FIFO)   Date Units Unit Cost Total Cost   Amount Amount   Amount Amount   Amount Amount   Amount Amount   Total Amount Total Amount LIFO    (1) Ending Inventory  (2) Cost of Goods Sold   Date Units Unit Cost Total Cost Cost of goods   available for sale Amount   Amount Amount Less: ending   inventory Amount   Amount Amount   Total Amount Total Amount Cost of Goods Sold Amount    Proof   of Cost of Goods Sold (LIFO)   Date Units Unit Cost Total Cost   Amount Amount   Amount Amount   Amount Amount   Amount Amount   Total Amount Total Amount AVERAGE COST (Round to the nearest decimal, i.e., $1.01)    (1) Ending Inventory  (2) Cost of Goods Sold   Units Unit Cost Total Cost Cost of goods   available for sale Amount   Amount Amount Less: ending   inventory Amount   Total Amount Total Amount Cost of Goods Sold Amount (c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?    Enter your answer here Problem 6-3B (a) Determine the Cost of Goods Available for Sale    Date Explanation Units Unit Cost Total Cost             Total    (b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average-cost). Prove the accuracy of the cost of goods sold under each method. FIFO    (1) Ending Inventory  (2) Cost of Goods Sold   Date Units Unit Cost Total Cost Cost of goods available   for sale Amount   Amount Amount Less: ending   inventory Amount   Amount Amount   Total Amount Total Amount Cost of Goods Sold Amount    Proof   of Cost of Goods Sold (FIFO)   Date Units Unit Cost Total Cost   Amount Amount   Amount Amount   Amount Amount   Amount Amount   Total Amount Total Amount LIFO    (1) Ending Inventory  (2) Cost of Goods Sold   Date Units Unit Cost Total Cost Cost of goods   available for sale Amount   Amount Amount Less: ending   inventory Amount   Amount Amount   Total Amount Total Amount Cost of Goods Sold Amount    Proof   of Cost of Goods Sold (LIFO)   Date Units Unit Cost Total Cost   Amount Amount   Amount Amount   Amount Amount   Amount Amount   Total Amount Total Amount AVERAGE COST (Round to the nearest decimal, i.e., $1.01)    (1) Ending Inventory  (2) Cost of Goods Sold   Units Unit Cost Total Cost Cost of goods   available for sale Amount   Amount Amount Less: ending   inventory Amount   Total Amount Total Amount Cost of Goods Sold Amount (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement?    Enter your answer here

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