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11. The following balance were obtained from the bank statement and depo records for the month ended September 30, 2018 Balance per depositor's ledger Bank service charges appearing on the bank statement NSF check from a customer that had been deposited Payment check recorded wrongly in the ledger as $54, 45,000 Deposits in transit $85,000 20 3,000 000 instead of 10,000 In the bank reconciliation, how much is the correct cash balance? Use the following to answer 12 and 13 below. A to an item of inventory. The company uses periodic inventory sy company has the following data related Inventory, October 1 Purchase, October 9 Purchase, October 12 Purchase, October 18 Inventory, October 31 800 units $10.00 600 units $11.00 300 units $11.50 700 units @ $12.00 900 units 12. Determine the values assigned to cost of goods sold and ending inventory if the Company uses FIFO 13. Determine the values assigned to cost of goods sold and ending inventory if the Company uses LIFO Note: There will be seven (7) non-computational questions in section A Section B 1. Terrance wants to retire at the end of this year (2018). His life expectancy post- retirement is estimated to be 30 years. Terrance has come to you, his financial advisor to know how much lump sum he should deposit on December 31, 2018 that will enable him to withdraw $5,000 at the end of each month for the next 30 years assuming the amount on deposit will earn 1.2% annual percentage rate, interest compounded monthly. 2. Selected accounts from of a trial balance before adjustment of Goodness Company reports the following balances: $500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $ 6,000 1,500,000 200,000 Instructions debts assuming that (a) Using allowance method, prepare the entries for estimated bad doubtful accounts are estimated to be (i) 2% of gross accounts receivable and (ii) 0.5% of net sales. (b) Assume that all the information above is the same, except that the Allowance for How will this difference Doubtful Accounts has a debit balance of $3,000 instead. affect the journal entries in part (a)

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