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

[debilorrah]

What is your major?

 

[chicken_china_mom]

Quote:
I haven't chosen a concentration yet. This degree is for Business Administration. I never planned on being an accountant, or working in an accounting department, but this course is mandatory. So was Algebra. I failed the Algebra the first time through, mostly because I let myself become overwhelmed, and I thought too hard about the problems. The second time through though, I relaxed and didn't let myself become overly anxious, and I passed the course with a B. Best grade I've ever gotten in Algebra, or math in general, lol. So far I have a B going on in accounting, but if I can't figure this stuff out, that B is going to slip. I need to keep my grades up.

 

[flocker]

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
Sales Returns 8,000
Admin Exp 20,000

 

[FarmerJamie]

Chicken_china_mom, no more BYC until you get your homework done, then if you can't keep your grades up, we may have to ration your time on the internet....

 

[chicken_china_mom]

Quote:
I have all of these numbers, yes. I think that for the inventory though, the inventory for the year is only $10,000 because if a new accounting cycle is began each year, then the year 20X1 would not matter, only the inventory from 20X2. The difference between the inventory from year 20X1 to 20X2 is $10,000. So when I was doing my calculations, I was only adding $10,000, not $50,000. Do I make sense? I'll post my two columns here so you can see which columns I have each item in:


Assets Column Liabilities Column



Purchases E250.000 Purchase Returns $7,000
Sales $400,000 Administrative Expenses $20,000
Inventory Purchase Discounts $3,000
December 31, 20X1 $20,000 Sales Discounts $4,000
December 31, 20X2 $30,000
Administrative Expenses $20,000
Freight In £8,000.00

 

[Sir Birdaholic]

Accounting is EASY!! a 1, & a 2, a 3, see....I'm a counting!

 

[chicken_china_mom]

Quote:

I WISH it was that easy!!!

 

[Sir Birdaholic]

In high school, 300 & some-odd years ago, I took accounting, & it was pretty easy, but now.....

 

[chicken_china_mom]

Quote:
Never took accounting before this course. I did take Consumer Ed in high school but that wasn't based on math at all. I always took the advanced English and History classes, that's where I excel. Not math. Sometimes this schoolwork makes me feel sooooooo old...

 

[Sir Birdaholic]

My best subjects were study-hall & lunch!!