A B C D E F 1 Critical Thinking Assignment #3 2 3 Tikkity Tock Clock Company sells three types of clocks. They purchase these clocks from manufacturers 4 and sell them to retail stores. Tikkity Tock uses a perpetual inventory system, weighted average method. 5 Tikkity Tock rents their building, but owns the merchandising furniture and equipment within the building 6 7 - - for these depreciable assets, they use a sole accumulated depreciation account. 8 The balance sheet for Tikkity Tock Clock Company is seen below: 9 10 11 12 13 Tikkity Tock Clock Company Balance Sheet October 31st, 2021 14 Account 15 Assets 16 Cash 17 Accounts Receivable 18 Inventory 19 Office Supplies Balance $ 239,558.00 $ 105,682.00 $ 97,476.00 $ 1,232.00 20 Merchandising Furniture + Equipment $ 150,000.00 21 Accumulated Depreciation 22 Total Assets. 23 24 Liabilities 25 Accounts Payable 26 Total Liabilities 27 28 Stockholders' Equity 29 Common Stock 30 Retained Earnings 31 Total Stockholders' Equity 32 33 Total Liabilities + Stockholders' Equity $ 119,952.00 $ 473,996.00 $ 108,979.00 $ 108,979.00 $ 300,000.00 $ 65,017.00 $ 365,017.00 $473,996.00 Ready Directions Inventory Records Non-Closing Journal Entries T-Accoun A B 35 Merchandise Inventory as of October 31st, 2021 consists of the following clocks: 36 37 Item 38 Base Level Clock 39 Mid Level Clock Quantity Unit Cost 2,940.00 $ Total Cost 23.21 $ 68,237.40 582.00 $ 33.49 $ 19,491.18 177.00 $ 55.07 $ 9,747.39 T 40 Luxury Clock 41 42 During the month of November, Tikkity Tock completed the following transactions: 43 44 November 3rd - Purchased clocks on account from Clock Manufacturers, Inc. terms n/30, FOB destination. 45 These were composed of 332 Base Level Clocks at a unit cost of $23.96/unit, 172 Mid Level Clocks 46 at a unit cost of $35.51/unit, and 23 Luxury Clocks at a unit cost of $61.09/unit. 47 November 7th - Sold 1,000 Base Level Clocks to a Alpine Retail at $32.99/unit, paid in full via cash. 48 November 12th - Sold 22 Luxury Clocks at $82.99/unit and 200 Mid Level Clocks at $44.59/unit 49 to Aspen Local on account, terms 2/15, n/30. 50 November 16th - Paid amount due to Clock Manufacturer's Inc. in full. 51 November 17th - Paid rent on building, $5,000. 52 November 23rd - Received a check from Aspen Local for total amount due on November 12th sale. 53 November 26th - Sold 788 Base Level Clocks to Mountain Meadows Retail at $32.99/unit 54 on account, terms 2/10, n/30. 55 November 30th - Paid utilities, $2,500. 56 November 30th - Refilled office supplies for $250, paid cash. 57 November 30th - Accumulated depreciation of $833 on merchandising furniture and equipment. 58 November 30th - Counted office supplies, valued at $1,268. 59 November 30th - Physical inventory count yielded 1,474 Base Level Clocks, 547 Mid Level Clocks, 50 and 177 Luxury Clocks. 51 52 Requirements: 53 1. Open T-accounts and enter opening balances as of October 31st, 2021. 4 2. Open inventory records for the three inventory items and enter opening balances. Complete the 5 inventory records. 6 3. Journalize the transactions, Explanations are not required. 7 Post the trancartinne in the teaccounts Directions Inventory Records Non-Closing Journal Entries T-Accou Ready 59 November 30th - Physical inventory count yielded 1,474 Base Level Clocks, 547 Mid Level Clocks, 60 and 177 Luxury Clocks. 61 62 Requirements: 63 1. Open T-accounts and enter opening balances as of October 31st, 2021. 64 2. Open inventory records for the three inventory items and enter opening balances. Complete the 65 inventory records. 66 3. Journalize the transactions. Explanations are not required. 67 4. Post the transactions to the t-accounts. 68 5. Prepare an adjusted trial balance as of November 30th, 2021. 69 6. Prepare an income statement as of November 30th, 2021. 70 7. Prepare a statement of retained earnings as of November 30th, 2021. 71 8. Prepare a balance sheet as of November 30th, 2021. 72 9. Journalize all closing entries and post to the t-accounts. 73 10. Prepare a post-closing trial balance as of November 30th, 2021. Times New... 12 A A- Paste B I U A1 fx Critical Thinking Assignment #3 A B 1 Critical Thinking Assignment #3 2 D E F 3 Tikkity Tock Clock Company sells three types of clocks. They purchase these clocks from manufacturers 4 and sell them to retail stores. Tikkity Tock uses a perpetual inventory system, weighted average method. 5 Tikkity Tock rents their building, but owns the merchandising furniture and equipment within the building - for these depreciable assets, they use a sole accumulated depreciation account. 6 7 8 The balance sheet for Tikkity Tock Clock Company is seen below: 9 10 11 12 Tikkity Tock Clock Company Balance Sheet October 31st, 2021 13 14 Account 15 Assets 16 Cash 17 Accounts Receivable 18 Inventory 19 Office Supplies Balance $ 239,558.00 $ 105,682.00. $ 97,476.00 $ 1,232.00 20 Merchandising Furniture + Equipment $150,000.00 21 Accumulated Depreciation 22 Total Assets- 23 24 Liabilities 25 Accounts Payable 26 Total Liabilities 27 28 Stockholders' Equity 29 Common Stock 30 Retained Earnings 31 Total Stockholders' Equity 32 33 Total Liabilities +Stockholders' Equity Ready Directions Inventory Records. $ 119,952.00 $ 473,996.00 $ 108,979.00 $ 108,979.00 $ 300,000.00 $ 65,017.00 $ 365,017.00 $473,996.00 Non-Closing Journal Entries JON W 5 T-Accoun Home Insert Page Layout Times New... Paste B I Formulas Data Review View 12 A- A- A1 A fx Critical Thinking Assignment #3 B C 35 Merchandise Inventory as of October 31st, 2021 consists of the following clocks: 36 37 Item 38 Base Level Clock 39 Mid Level Clock 40 Luxury Clock 41 D E F Quantity Unit Cost Total Cost 2,940.00 $ 23.21 $ 68,237.40 582.00 $ 33.49 $19,491.18 177.00 $ 55.07 $ 9,747.39 We M 42 During the month of November, Tikkity Tock completed the following transactions: 43 44 November 3rd- Purchased clocks on account from Clock Manufacturers, Inc. terms n/30, FOB destination. 45 These were composed of 332 Base Level Clocks at a unit cost of $23.96/unit, 172 Mid Level Clocks 46 at a unit cost of $35.51/unit, and 23 Luxury Clocks at a unit cost of $61.09/unit. 47 November 7th- Sold 1,000 Base Level Clocks to a Alpine Retail at $32.99/unit, paid in full via cash. 48 November 12th - Sold 22 Luxury Clocks at $82.99/unit and 200 Mid Level Clocks at $44.59/unit 49 to Aspen Local on account, terms 2/15, n/30. 50 November 16th - Paid amount due to Clock Manufacturer's Inc. in full. 51 November 17th - Paid rent on building, $5,000. 52 November 23rd - Received a check from Aspen Local for total amount due on November 12th sale. 53 November 26th - Sold 788 Base Level Clocks to Mountain Meadows Retail at $32.99/unit 54 on account, terms 2/10, n/30. 55 November 30th - Paid utilities, $2,500. 56 November 30th - Refilled office supplies for $250, paid cash. 57 November 30th- Accumulated depreciation of $833 on merchandising furniture and equipment. 58 November 30th - Counted office supplies, valued at $1,268. 59 November 30th - Physical inventory count yielded 1,474 Base Level Clocks, 547 Mid Level Clocks, 50 and 177 Luxury Clocks. 51 52 Requirements: 3 1. Open T-accounts and enter opening balances as of October 31st, 2021. 4 2. Open inventory records for the three inventory items and enter opening balances. Complete the 5 inventory records. 63. Journalize the transactions, Explanations are not required. 7 Poer the trancartinne in the accounts Directions Inventory Records Non-Closing Journal Entries T-Accou Ready JUN W 5 59 November 30th - Physical inventory count yielded 1,474 Base Level Clocks, 547 Mid Level Clocks, 60 and 177 Luxury Clocks. 61 62 Requirements: 63 1. Open T-accounts and enter opening balances as of October 31st, 2021. 64 2. Open inventory records for the three inventory items and enter opening balances. Complete the inventory records. 65 66 3. Journalize the transactions. Explanations are not required. 67 4. Post the transactions to the t-accounts. 68 5. Prepare an adjusted trial balance as of November 30th, 2021. 69 6. Prepare an income statement as of November 30th, 2021. 70 7. Prepare a statement of retained earnings as of November 30th, 2021. 71 8. Prepare a balance sheet as of November 30th, 2021. 72 9. Journalize all closing entries and post to the t-accounts. 73 10. Prepare a post-closing trial balance as of November 30th, 2021. 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 Directions Inventory Records Non-Closing Journal Entries T-A Ready W JUN LO 5