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  1. flocker

    Surprise this morning

    Heard a lot of singing this morning and we got our first eggs this morning. Gave the girls a pep or peep talk two days ago reminding them of the terms of our relationship. I take care of you, you take care of me. Three eggs this morning, two in a nest and one on the ground. Is it possible...
  2. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    Chicken Mom There is no way to balance the statements using two different currencies. It would be like saying a hen is equal to a rooster. I have never seen mixed currency financial statements. The purchase number is needed to calculate the COGS and the net income. I did not convert...
  3. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    Here are the statements for 20x2 and the transactions for the Cash and Inventory accounts and the Calculation of COGS. The key to the problem was calculating the purchases. This is needed to calculate the COGS which is needed to calculate net income. THe puchase number is $378,000 to make...
  4. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    On your original post the numbers were out of alignment. Can you confirm these numbers Purchases E250,000 Freight In E8,000 Sales Discount 4,000 Purchase Returns 7,000 Inventory 20x1 20,000 Inventory 20x2 ??30,000?? Cash 20x1 10,000 Cash 20x2 Sales 400,000 Purchase discounts 3,000...
  5. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    Sorry I am not doing a good job explaining this. Assets and Expenses are debit accounts and Income, Liabilities and Owners Equity are credit accounts. In a trail balance sheet which is a different statement from the Balance Sheet, the sum of all debit accounts are added together and all...
  6. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    No Expenses are Debit balance accounts. Think of it this way: You sell a widget for $100 for Cash. the entry would be Debit Cash 100 Credit Sales 100 Pay an employee $60 Debit Payroll Expense 60 Credit Cash 60 Cash and expenses are...
  7. flocker

    Anyone here good at accounting? I can't figure out this assignment...

    For your trail balance (which is a list/summation of all accounts assets, liabilities, owners equity, income and expenses)all debit balance accounts are in the left column and credit balance accounts are in the right column. Debit balance accounts are Purchases, Freight In, Sales discounts...
  8. flocker

    Part of the family

    I did not finish the remodel of the chicken coop in time for our new arrivals. So every night we would gather up the five girls and keep them inside in some boxes for the night. After several week the coop was remodeled and ready for occupancy. The next morning I put the girls in the coop so...
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