328 0 Accounts Receivable 1,800 Inventory Prepaid Rent 660 Equipment 950 Accumulated Depreciation 96 Accounts Payable 1,250 Salaries and Wages Payable 300 Income Taxes Payable Common Stock 5,200 Retained Earnings 2,700 Sales Revenue 14,940 Cost of Goods Sold 7,650 Rent Expense 1,210 Salaries and Wages Expense 1,900 Depreciation Expense 90 Income Tax Expense Office Expense 1,300 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier The inventory on December 1 consisted of 800 coasters, all of which were purchased in a batch on July 10 at a unit cost of 50 40 College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method, During December the company entered into the following transactions. Some of these transactions are explained in greater detail below & Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of 1/60 b Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $045, with terms of n/60 c Sold 1700 coasters on account on 12/3 at a unit price of $100 d. Collected $860 from customers on account on 12/4 e Paid the supplier 51,570 cash on account on 12/18 Paid employees $470 on 12/23, of which $260 related to work done in November and $210 was for wages up to December 22 9. Loaded 80 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in kona. Hawal. The sale was made FOB destination with terms of n/60 Other relevant information includes the following at 12/31 h College Coasters has not yet recorded $190 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $8 per month One month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 The $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year The company incurred $700 of income tax but has made no tax payments this year m. No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock Requirement General General Journal Income Ledger Trial Balance Statement Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31. Adjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 5 0 0 5 0 0 0 0 0 0 $ 0 0 Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Adjusted COLLEGE COASTERS Balance Sheet As of December 31 0 0 0 0 0 0 0 0 0 $ 0 $ $ 0 Calculate the inventory turnover ratio and days to sell, assuming that inventory was $320 on January 1 of this year (Use 365 days a year Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell times per year days Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expense $ 8,600 1,800 320 660 950 90 1,250 300 0 5,200 2,700 14,940 7,650 1,210 1,900 90 0 1,300