5. On March 31, 2018, Bernard's Boxing Rings Inc.'s trial balance included the following selected unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly. Debit Credit Prepaid insurance $14,400 Supplies 2,800 Equipment 21,600 Accumulated depreciation-equipment $5,400 Unearned revenue 9,600 Debit Credit Loan payable, due 2020 20,000 Rent revenue 30,000 Salaries expense 14,000 An analysis of the accounts shows the following: 1. The equipment, which was purchased on January 1, 2017, is estimated to have a useful life of four years. The company uses straight-line depreciation. 2. One third of the unearned revenue related to rent is still unearned at the end of the quarter. 3. The loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2018. 4. Supplies on hand total $850 at March 31. 5. The one-year insurance policy was purchased for $14,400 on January 1. 6. Income tax is estimated to be $3,200 for the quarter. Instructions Prepare the quarterly adjusting entries required at March 31. 6. The following information is taken from the records of four different companies in the same industry: A B C D Sales $300 $150 $ Opening Inventory ? 40 Purchases 240 ? Cost of Goods Available for Sale 320 ? Ending Inventory ? (60) Cost of Goods Sold ? 100 Gross Profit $100 $ ? $ 65 Gross Profit percentage ? ? ? $ 90 40 12 63 190 ? (60) (15) 130 60 $ ? ? a. Calculate the missing amounts. b. Which company seems to be performing best? Why