Accounting 220 Homework. Please see attached excel document. There are two sheets within the document.

There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2016 rent 4. Depreciation on equipment is $12,000 for the year 1,532,989 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1, 2015 merchandise inventory was 256,250. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title debit credit Debit Credit ` Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title 101 110 120 125 130 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense 0 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 0 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of g You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2015 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet As of December 31, 2015 Closing Entries zero out income statement accounts for new year he second tab at the bottom left of the screen ed to make adjusting entries. voice was received yet. ot require an entry handise inventory was 256,250. nged so you may have put some in selling expense also. elling expense or even to cost of goods sold e it was zero. Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 3.00 3.15 3.20 3.25 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan units cost Sold total Balance units cost total 3500 $ 3.00 $ 10,500.00 LIFO Perpetual Inventory Date units 1-Jan Purchased cost total units cost Sold total units Balance cost total 3500 $ 3.00 $ 10,500.00 There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2016 rent 4. Depreciation on equipment is $12,000 for the year 1,532,989 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1, 2015 merchandise inventory was 256,250. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title 555 Insurance Expense 130 Prepaid Insurance 532 Supplies Expense Supplies on Hand debit 500 credit 500 1252 1252 NO enrty Required 570 Depreciation Expense 160 Accumulated Depreciation 12000 12000 530 Sales Salaries Expense 210 Wages Payable 3000 540 Office Salaries Expense 210 Wages Payable 4000 500 Purchases 202 Accounts Payable 3000 4000 35400 35400 Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title Debit Credit 101 110 120 125 130 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense 88450 195613 291650 2000 3000 7500 175285 36260 107955 7000 220000 211144 998250 5145 1500 560880 4080 1200 4580 1000 91600 1252 128500 8594 500 3000 12000 6840 1587389 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 Sales net of returns and allowances Cost of Goods Sold: Beginning Inventory, January 1 Purchases Freight-In Less: Purchases Discount 4080 Purchases Returns and Allowance 1200 Net Purchases Goods Available for Sale Less Ending Inventory, December 31 Cost of Goods Sold 1587389 256250 596280 4580 5280 595580 851830 219100 Gross Profit Selling expense: Advertising Expense Sales Salaries Expense Supplies Expense Administration expense: Office Salaries Expense Utilities (see note) Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense Net off tax Total Admin Expense 1000 91600 1252 93,852 128500 8594 500 3000 12000 5340 157,934 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of g You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2015 Beginning ReTained Earnings Add Net Income Total Less Dividends Ending retained Earnings 211144 108589 319733 0 319733 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet As of December 31, 2015 Assets Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Total Current Asset 88450 195613 219100 2000 3000 7500 Equipment Less: Accumulated Depreciaton Total Assets 175285 36260 515663 139025 654688 LIABILIiIES Accounts Payable Wages Payable Total Liabilites EQUITY Capital Stock ReTained Earnings Total Equity Total Liabilites and Equity 107955 7000 114955 220000 319733 539733 654688 Closing Entries zero out income statement accounts for new year DR CR 401 Sales 998250 410 Interest Income 1500 501 Purchases Discounts 4080 502 Purchases Returns and Allowances 1200 120 Merchandise Inventory 219100 Income Summary 1224130 500 505 520 530 532 540 550 555 560 570 580 120 580 Income Summary Purchases Freight In Advertising Expense Sales Salaries Expense Supplies Expense Sales Returns and Allowances Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Merchandise Inventory Interest Expense Income Summary 302 ReTained Earnings 1115541 560880 4580 1000 91600 1252 5145 128500 8594 500 3000 12000 291650 6840 108589 108589 he second tab at the bottom left of the screen ed to make adjusting entries. voice was received yet. ot require an entry handise inventory was 256,250. 251786 993105 632,730 360,375 251,786 108,589 nged so you may have put some in selling expense also. elling expense or even to cost of goods sold e it was zero. - Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 3.00 3.15 3.20 3.25 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan 14-Jan 1,500 $ 3.15 $ 4,725.00 22-Feb 2,000 $ 3.20 $ 6,400.00 5-Apr 1,000 $ 3.25 $ 3,250.00 10-May 2,000 $ 3.30 $ 6,600.00 6,500 $ 20,975.00 5-Feb 7-Mar 15-Mar 10-Apr 12-Apr units 1,000 1,000 500 500 1,500 500 300 800 cost Sold total 3.30 3.30 3.25 3.25 3.20 3.20 3.15 3.15 units 3,300.00 3,300.00 1,625.00 1,625.00 4,800.00 1,600.00 945.00 2,520.00 cost 3500 $ Balance total 3.00 $ 10,500.00 22-Apr 4-May 25-May 25-May 400 700 $ 500 $ 7,700 3.15 3.00 3.00 $ 1,260.00 2,100.00 1,500.00 24,575.00 Ending Bal 2,300 $ 6,900.00 LIFO Perpetual Inventory Date units 1-Jan Purchased cost total units cost Sold total units cost 3500 $ Balance total 3.00 $ 10,500.00 There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2016 rent 4. Depreciation on equipment is $12,000 for the year 1,532,989 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1, 2015 merchandise inventory was 256,250. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title 555 Insurance Expense 130 Prepaid Insurance 532 Supplies Expense Supplies on Hand debit 500 credit 500 1252 1252 NO enrty Required 570 Depreciation Expense 160 Accumulated Depreciation 12000 12000 530 Sales Salaries Expense 210 Wages Payable 3000 540 Office Salaries Expense 210 Wages Payable 4000 500 Purchases 202 Accounts Payable 3000 4000 35400 35400 Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title Debit Credit 101 110 120 125 130 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense 88450 195613 291650 2000 3000 7500 175285 36260 107955 7000 220000 211144 998250 5145 1500 560880 4080 1200 4580 1000 91600 1252 128500 8594 500 3000 12000 6840 1587389 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 Sales net of returns and allowances Cost of Goods Sold: Beginning Inventory, January 1 Purchases Freight-In Less: Purchases Discount 4080 Purchases Returns and Allowance 1200 Net Purchases Goods Available for Sale Less Ending Inventory, December 31 Cost of Goods Sold 1587389 256250 596280 4580 5280 595580 851830 219100 Gross Profit Selling expense: Advertising Expense Sales Salaries Expense Supplies Expense Administration expense: Office Salaries Expense Utilities (see note) Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense Net off tax Total Admin Expense 1000 91600 1252 93,852 128500 8594 500 3000 12000 5340 157,934 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of g You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2015 Beginning ReTained Earnings Add Net Income Total Less Dividends Ending retained Earnings 211144 108589 319733 0 319733 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet As of December 31, 2015 Assets Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Total Current Asset 88450 195613 219100 2000 3000 7500 Equipment Less: Accumulated Depreciaton Total Assets 175285 36260 515663 139025 654688 LIABILIiIES Accounts Payable Wages Payable Total Liabilites EQUITY Capital Stock ReTained Earnings Total Equity Total Liabilites and Equity 107955 7000 114955 220000 319733 539733 654688 Closing Entries zero out income statement accounts for new year DR CR 401 Sales 998250 410 Interest Income 1500 501 Purchases Discounts 4080 502 Purchases Returns and Allowances 1200 120 Merchandise Inventory 219100 Income Summary 1224130 500 505 520 530 532 540 550 555 560 570 580 120 580 Income Summary Purchases Freight In Advertising Expense Sales Salaries Expense Supplies Expense Sales Returns and Allowances Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Merchandise Inventory Interest Expense Income Summary 302 ReTained Earnings 1115541 560880 4580 1000 91600 1252 5145 128500 8594 500 3000 12000 291650 6840 108589 108589 he second tab at the bottom left of the screen ed to make adjusting entries. voice was received yet. ot require an entry handise inventory was 256,250. 251786 993105 632,730 360,375 251,786 108,589 nged so you may have put some in selling expense also. elling expense or even to cost of goods sold e it was zero. - Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 3.00 3.15 3.20 3.25 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan 14-Jan 1,500 $ 3.15 $ 4,725.00 22-Feb 2,000 $ 3.20 $ 6,400.00 5-Apr 1,000 $ 3.25 $ 3,250.00 10-May 2,000 $ 3.30 $ 6,600.00 6,500 $ 20,975.00 5-Feb 7-Mar 15-Mar 10-Apr 12-Apr 22-Apr 4-May 25-May units cost 1,000 1,000 500 500 1,500 500 300 800 400 700 $ 500 $ Sold total 3.30 3.30 3.25 3.25 3.20 3.20 3.15 3.15 3.15 3.00 3.00 units 3,300.00 3,300.00 1,625.00 1,625.00 4,800.00 1,600.00 945.00 2,520.00 1,260.00 2,100.00 1,500.00 cost 3500 $ Balance total 3.00 $ 10,500.00 25-May 7,700 $ 24,575.00 Ending Balance 2,300 $ 3.00 $ 6,900.00 LIFO Perpetual Inventory Date units Purchased cost total units cost Sold total units 1-Jan 14-Jan 1,500 3 4,725 5-Feb 22-Feb 1,000 $ 2,000 3 3.15 $ 3,150.00 6,400 cost 3500 $ Balance total 3.00 $ 10,500.00 3500 $ 1,500 $ 3.00 $ 3.15 $ 10,500.00 4,725.00 3500 $ 500 $ 3.00 $ 3.15 $ 10,500.00 1,575.00 3500 500 2,000 3.00 3.15 3.20 10500 1575 6,400 7-Mar 1,500 $ 3.20 $ 4,800.00 3500 $ 500 $ 500 $ 3.00 $ 3.15 $ 3.20 $ 15-Mar 500 $ 500 $ 1000 $ 3.20 $ 3.15 $ 3.00 $ 1,600.00 1,575.00 3,000.00 2500 $ 3.00 7500 3.00 3.25 7500 3,250 5-Apr 1,000 3 3,250 2500 1,000 10,500.00 1,575.00 1,600.00 10-Apr 800 $ 3.25 $ 2,600.00 2500 200 3.00 3.25 $ 7500 650.00 12-Apr 200 $ 600 $ 3.25 $ 3.00 $ 650.00 1,800.00 1900 $ 3.00 $ 5,700.00 22-Apr 500 $ 3.00 $ 1,500.00 1400 $ 3.00 $ 4,200.00 4-May 600 $ 3.00 $ 1,800.00 800 $ 3.00 $ 2,400.00 10-May 25-May 2,000 3 6,600 500 $ 3.30 $ 1,650.00 Ending Balance 800 2,000 3.00 3.30 800 1,500 2,300 3 3.30 $ $ 2400 6,600 2400 4,950.00 7,350.00 There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2016 rent 4. Depreciation on equipment is $12,000 for the year 1,532,989 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1, 2015 merchandise inventory was 256,250. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title 555 Insurance Expense 130 Prepaid Insurance 532 Supplies Expense Supplies on Hand debit 500 credit 500 1252 1252 NO enrty Required 570 Depreciation Expense 160 Accumulated Depreciation 12000 12000 530 Sales Salaries Expense 210 Wages Payable 3000 540 Office Salaries Expense 210 Wages Payable 4000 500 Purchases 202 Accounts Payable 3000 4000 35400 35400 Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title Debit Credit 101 110 120 125 130 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense 88450 195613 291650 2000 3000 7500 175285 36260 107955 7000 220000 211144 998250 5145 1500 560880 4080 1200 4580 1000 91600 1252 128500 8594 500 3000 12000 6840 1587389 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 Sales net of returns and allowances Cost of Goods Sold: Beginning Inventory, January 1 Purchases Freight-In Less: Purchases Discount 4080 Purchases Returns and Allowance 1200 Net Purchases Goods Available for Sale Less Ending Inventory, December 31 Cost of Goods Sold 1587389 256250 596280 4580 5280 595580 851830 219100 Gross Profit Selling expense: Advertising Expense Sales Salaries Expense Supplies Expense Administration expense: Office Salaries Expense Utilities (see note) Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense Net off tax Total Admin Expense 1000 91600 1252 93,852 128500 8594 500 3000 12000 5340 157,934 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of g You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2015 Beginning ReTained Earnings Add Net Income Total Less Dividends Ending retained Earnings 211144 108589 319733 0 319733 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet As of December 31, 2015 Assets Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Total Current Asset 88450 195613 219100 2000 3000 7500 Equipment Less: Accumulated Depreciaton Total Assets 175285 36260 515663 139025 654688 LIABILIiIES Accounts Payable Wages Payable Total Liabilites EQUITY Capital Stock ReTained Earnings Total Equity Total Liabilites and Equity 107955 7000 114955 220000 319733 539733 654688 Closing Entries zero out income statement accounts for new year DR CR 401 Sales 998250 410 Interest Income 1500 501 Purchases Discounts 4080 502 Purchases Returns and Allowances 1200 120 Merchandise Inventory 219100 Income Summary 1224130 500 505 520 530 532 540 550 555 560 570 580 120 580 Income Summary Purchases Freight In Advertising Expense Sales Salaries Expense Supplies Expense Sales Returns and Allowances Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Merchandise Inventory Interest Expense Income Summary 302 ReTained Earnings 1115541 560880 4580 1000 91600 1252 5145 128500 8594 500 3000 12000 291650 6840 108589 108589 he second tab at the bottom left of the screen ed to make adjusting entries. voice was received yet. ot require an entry handise inventory was 256,250. 251786 993105 632,730 360,375 251,786 108,589 nged so you may have put some in selling expense also. elling expense or even to cost of goods sold e it was zero. - Compute the ending inventory using LIFO for both the periodic and the perpetual methods below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 3.00 3.15 3.20 3.25 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan 14-Jan 1,500 $ 3.15 $ 4,725.00 22-Feb 2,000 $ 3.20 $ 6,400.00 5-Apr 1,000 $ 3.25 $ 3,250.00 10-May 2,000 $ 3.30 $ 6,600.00 6,500 $ 20,975.00 5-Feb 7-Mar 15-Mar 10-Apr 12-Apr 22-Apr 4-May 25-May units cost 1,000 1,000 500 500 1,500 500 300 800 400 700 $ 500 $ Sold total 3.30 3.30 3.25 3.25 3.20 3.20 3.15 3.15 3.15 3.00 3.00 units 3,300.00 3,300.00 1,625.00 1,625.00 4,800.00 1,600.00 945.00 2,520.00 1,260.00 2,100.00 1,500.00 cost 3500 $ Balance total 3.00 $ 10,500.00 25-May 7,700 $ 24,575.00 Ending Balance 2,300 $ 3.00 $ 6,900.00 LIFO Perpetual Inventory Date units Purchased cost total units cost Sold total units 1-Jan 14-Jan 1,500 3 4,725 5-Feb 22-Feb 1,000 $ 2,000 3 3.15 $ 3,150.00 6,400 cost 3500 $ Balance total 3.00 $ 10,500.00 3500 $ 1,500 $ 3.00 $ 3.15 $ 10,500.00 4,725.00 3500 $ 500 $ 3.00 $ 3.15 $ 10,500.00 1,575.00 3500 500 2,000 3.00 3.15 3.20 10500 1575 6,400 7-Mar 1,500 $ 3.20 $ 4,800.00 3500 $ 500 $ 500 $ 3.00 $ 3.15 $ 3.20 $ 15-Mar 500 $ 500 $ 1000 $ 3.20 $ 3.15 $ 3.00 $ 1,600.00 1,575.00 3,000.00 2500 $ 3.00 7500 3.00 3.25 7500 3,250 5-Apr 1,000 3 3,250 2500 1,000 10,500.00 1,575.00 1,600.00 10-Apr 800 $ 3.25 $ 2,600.00 2500 200 3.00 3.25 $ 7500 650.00 12-Apr 200 $ 600 $ 3.25 $ 3.00 $ 650.00 1,800.00 1900 $ 3.00 $ 5,700.00 22-Apr 500 $ 3.00 $ 1,500.00 1400 $ 3.00 $ 4,200.00 4-May 600 $ 3.00 $ 1,800.00 800 $ 3.00 $ 2,400.00 10-May 25-May 2,000 3 6,600 500 $ 3.30 $ 1,650.00 Ending Balance 800 2,000 3.00 3.30 800 1,500 2,300 3 3.30 $ $ 2400 6,600 2400 4,950.00 7,350.00