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Chapter 2, Example 3
From 3rd Statement 3 Identical prints purchased for $1500 ( i.e. Each one costs $500)
5th Statement : Sold one of the prints for $850 on credit to LD VinciBut in the inventory ledger on the credit side, it showed cost of goods sold = 850 ( But the cost is $500)
Is that wrong or Am I wrong ? Please make it clearChapter 2, Question 7
Net Assets as on 1st Jan 2013
Cash = 10,000
Owed from Customers = 2,000
Equipment = 8,000
So Total Assets = 20,000;
But in your answer key, Total Assets = 18,000 Only & Hence you showed Increase in net assets = 1000
But actually it’s a decrease in net assets = 1000
And by considering the owner’s drawings the final loss = 200, which is not in the options
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