Complete Problems 2-37 and 3-47 in the textbook.
Complete Problem 2-37 in a Word document and Problem 3-47 using Excel. Please note, you must show your work in Excel, which includes providing the formulas in the cells, not just the summary value. You may not earn full points if you do not show your work in detail.
Save your assignment as Lastname_FirstnameACC650_T1.docx.
From the instructor
Balance sheet items are assets, liabilities and equity. Income statement items include revenues and expenses. Any cost that goes into making a product is a balance sheet item. Remember from ACC-502, the cost of inventory materials do not not get expensed until the inventory is sold.
The asset that differs is inventory
Service businesses do not have cost of goods sold
Think finished goods inventory, raw materials, and work in process inventory