Your predecessor left the firm in a hurry. Your primary responsibility is to finish the 2018 year-en

 
   

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Your predecessor left the firm in a hurry. Your primary responsibility is to finish the 2018 year-end financial statements. Specifically, you must complete:

1) any necessary correcting journal entries

2) all the adjusting journal entries

3) the Trial Balances

4) the closing journal entries

5) a complete Multi-step Income Statement for the year ended Dec. 31, 2018

6) a classified Balance Sheet as of December 31, 2018.

a. Cost of Goods Sold: ARS uses a periodic FIFO inventory system for its normal restaurant equipment operations. A physical inventory count indicated 40,000 units on hand at the end of 2018.

PURCHASES FOR 2018 (normal operations) Beginning units:

15,000 units @ $90.00 each

Purchases:

Apr – May

30,000 units @ $90.90 each

Jun – Jul

40,000 units @ $91.35 each

Aug – Sep

34,000 units @ $91.80 each

Oct

25,000 units @ $92.25 each

Nov – Dec

28,000 units @ $92.70 each