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Stanford University Operations And Supply Chain Management Assignment Help - econ

Question - 1. (25 points) Lloyd Christmas, Ltd.'s accounting records reflect the following account balances
atJanuary 1, 2005 (beginning of the year):
Account Debit Credit
Equipment $160,000
Inventory $ 95,000
Accounts Receivable $ 20,000
Building $100,000
Cash $ 150,000
Supplies $ 12,000
Prepaid Rent $ 15,000
Land $100,000
Unearned Revenues $50,000
Accounts Payable $60,000
Accumulated Depreciation - Equipment $30,000
Accumulated Depreciation - Bldg $50,000
Note Payable $140,000
Owners' Capital $322,000
This company uses the perpetual inventory system (therefore, the company records a decrease to
inventory and COGS expense for every sale). There were no owner investments or owner
withdrawals for the year. Make the foll ...Read More

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