2. Splish Brothers Inc. has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. 1. The December utility bill for $510 was unrecorded on December 31. Splish Brothers paid the bill on January 11 Splish Brothers is open 7 days a week and employees are paid a total of $4,200 every Monday for a 7-day (Monday- Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4. Splish Brothers signed a $54,000,5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month, Splish Brothers receives a fee from Pizza Shop next door for all pizzas sold to customers using Splish Brothers's facility. The amount owed for December is $360, which Pizza Shop will pay on January 4, (Hint: Use the Service Revenue account.) 5 Splish Brothers rented some of its unused warehouse space to a client for $7.200 a month payable the first day of the following month. It received the rent for the month of December on January 2. 3. 4. For each situation, prepare the adjusting entry required at December 31. (Round answers to U decimal places, eg. is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit No. Date Account Titles and Explanation Dec. 1 31, 2022 2 Dec 31 2022 3 Dec 31, 2022 4 Dec 31. 2022 5. De 31, 2022 Deere & Company is a global manufacturer and distributor of agricultural, construction and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method, Suppose it reported the following information in its 2022 annual report. 2021 3.110 in millions) Inventories Current assets Current liabilities LIFO reserve Cost of goods sold 2022 $2360 28.112 12.550 4518 16,410 Compute Deere's inventory turnover for 2022. (Round Inventary tumower to 2 decimal places, es 5.12) Inventory turnover e Textbook and Media Compute Deere's days in inventory for 2022. Round days in inventory to decimos, Die c S 7 4 5 2 8 3 6 0 9 W E R T U Y 0 S D F G H J L I K . V B N M ef Deere & Company is a global manufacturer and distributor of agricultural construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2022 annual report 2021 3,110 Un millions Inventories Current assets Current liabilities LIFO reserve Cost of goods sold 2022 $2.360 28.112 12.550 4518 16,410 Computer Deere's inventory tumover for 2022. (Round Inventory turnover to 2 decimal places, 63, 5.12) Inventory turnover e Textbook and Media Compute Deere's days in inventory for 2022. (Round days in inventory to decimal places, eg. 5.) Days in inventory days eTextbook and Media Compute Deere's current ratio using the 2022 data as presented, and then again after adjusting for the LIFO reserve (Round answers to 2 decimal places, 19. 5. 12:1) Based on data presented: Current ratio After adjusting for LIFO reserve. Current ratio :1 11
