Having trouble with T-account question.
1. The following transactions occurred during January, the first month of operations for Ruby Corporation. Prepare journal entries and prepare a T-account for inventory that includes the following five transactions. (Hint: When inventory is sold, it should be expensed to a Cost of Goods Sold expense account.)
1. Purchased $950 of inventory on account.
2. Purchased $1,800 of inventory on account.
3. Sold inventory with an original cost of $450.
4. Purchased $1,100 of inventory on account.
5. Sold inventory with an original cost of $1,500.
2. The Ashwood Company has a long-term debt ratio of 0.30 and a current ratio of 1.70. Current liabilities are $950, sales are $5,110, profit margin is 9.40 percent, and ROE is 18.80 percent. What is the amount of the firm's net fixed assets? a $1,095.00 b $2,985.00 c $2,045.00 d $3,193.75 $4,600.00.