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Practice Quiz 2) The cash account in the general ledger of XYZ Company shows a balance of $18,700 at June 30, 2004. The June 30 bank statement;...

Hello, I've messed up my numbers on my past 3 quizzes. I'm usually just mistaking an account for another, and would like to check my answers and see where I fall short (or exceed).

Practice Quiz 2) The cash account in the general ledger of XYZ Company shows a balance of $18,700 at June 30, 2004. The June 30 bank statement; however, shows a balance of $19,800. The only reconciling items consist of: NSF check from customer Outstanding checks totaling $5,630 Error in recording check #970 written by XYZ Company to pay for utilities; the check was written for $588 but was recorded in XYZ Company's accounting records as having been written for $468 A bank service charge totaling $50 A deposit in transit in the amount of $2,380 Calculate the amount of the NSF check . Do not enter your answer with a minus sign in front of the number or use decimals in your answer 3) ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,000 units @ $15 cost per unit May 8 Sold 1,700 units May 13 Purchased 1,500 units @ $12 cost per unit May 18 Sold 1,600 units May 21 Purchased 1,000 units @ $18 cost per unit May 28 Sold 300 units May 30 Purchased 500 units @ $10 cost per unit During May, ABC Company reported operating expenses of $7,000 and had an income tax rate of 30%. Calculate the amount of gross profit earned by ABC Company during May using the weighted average method. Do not use decimals in your answer. 4) ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,000 units @ $15 cost per unit May 8 Sold 1,700 units May 13 Purchased 1,500 units @ $12 cost per unit May 18 Sold 1,600 units May 21 Purchased 1,000 units @ $18 cost per unit May 28 Sold 300 units May 30 Purchased 500 units @ $10 cost per unit
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During May, ABC Company reported operating expenses of $7,000 and had an income tax rate of 30%. Calculate the dollar amount of ending inventory shown on ABC's May 31 balance sheet using the FIFO method. Do not use decimals in your answer. 5) ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,000 units @ $15 cost per unit May 8 Sold 1,700 units May 13 Purchased 1,500 units @ $12 cost per unit May 18 Sold 1,600 units May 21 Purchased 1,000 units @ $18 cost per unit May 28 Sold 300 units May 30 Purchased 500 units @ $10 cost per unit During May, ABC Company reported operating expenses of $7,000 and had an income tax rate of 30%. Calculate the amount of income tax expense shown on ABS Company's income statement for May using the LIFO method. Do not use decimals in your answer 6) XYZ Company had a $4,000 credit balance in its allowance for bad debts at January 1, 2002. At December 31, 2002, XYZ Company prepared the following aging schedule: Accounts Receivable % Uncollectible not past due $120,000 2% 1-30 days past due 40,000 5% 31-60 days past due 30,000 8% 61-90 days past due 10,000 15% over 90 days past due 2,000 50% Based on the above information, XYZ Company reported bad debt expense of $8,200 for 2002. Calculate the amount of accounts receivable written off as uncollectible by XYZ Company during 2002. Do not use decimals in your answer.
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Practice Quiz
2) The cash account in the general ledger of XYZ Company shows a balance of $18,700 at June
30, 2004.
The June 30 bank statement; however, shows a balance of $19,800. The only...

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