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Unformatted text preview: Long-term assets 14,000 Total Liabilities Total Assets 21,600 and Equity 21,600 Budget Stores Income Statement For year ended December 31, 2008 Revenues $20,600 Cost of goods sold 3,600 Gross Profit $ 7,000 Operating expenses 3,000 ` Net Income $ 3,400 No change in 2008 Balance Sheet P6) Apple HP 2006: 0.289827 2006: 0.397238 2005: 0.290144 2005: 0.393859 63.06667 7.554249 Apple seems to be doing better than HP because they are turning over their inventory much much faster than HP. Other things to look at are industry standards, prior performance, balance sheet, income statement. D7) 1. Georgetown Company must the periodical method. 2. 700 units 3. I suggest LIFO because we are in an inflationary market...
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This note was uploaded on 02/22/2009 for the course ACCT 151 taught by Professor Largay during the Spring '07 term at Lehigh University .
- Spring '07
- Financial Accounting