b) Complete an inventory record using weighted average cost flow. c) Prepare a Bank Reconciliation Statement and record related journal entries in the General Journal. d) Post above journal entries (a) & (C) to general ledger accounts. e) Prepare the financial statements using ending account balances from ledger f) Calculate ratios and do simple analysis. CR Cash Deption Opening balance PR OR PROR CR IGL NO: Balance or 32000 2314 2015 140 Generelle der Accounts GLNO 101 Account Prepaid insurance Balance (Orora Date Description 12400OR Opening Balance 520 BINNO DR SO 111 DR Acount coment 14000 17 DR Date Description MOR Opening balance 292 OR 877175 OR Account Accumulated Depreciation 1261750 Date Description . 7. O Opening Balance PR DR CR Retty cash RENTA Pile AL Racovable Receivable Petty cash Bank Loan Interesse IGNOL Balance biror 145000 9,112.50 1000 245 145 1 11 22 PROR CR GNO Balance (DOC OOCR 200 200 Account PettyCash PR OR CH PRO ICH lopen Balance GL NO 105 Balance Dror ol 5000 40 400 210 250 DA 245 SD 3 ODA Account Accounts Payable Date Description Opening Balance Merchandise inventory Other income Cash OLNO Balance (Oror 111001CH 33100CR 27100C 13100 500 11 thing expenses Office Supplies experts 20000 6000 14000 shower and short 220 PROR Account: CPP Payable Date Description Opening Balance Salaries expense Employee benefits expense 34 GL NO: Balance Oraron OCH 6271 CR 1254 CR C H 2.30 PR DR 2 Atent: Accounts Receivable Date Description 30 Opening Balance Sales Revenge PROR D E G GL NO 110 ICR Balance (Dror 16820 | DR 712501 88070 DR 69,112.50 18957. DR 2.137.50 15820 DR 18000 34320 DR 1000 33820 DR Account: income tax payable Date Description Opening Balance Salaries M GL NO: Balance (De ora OCR 2460 2460 CR 535 34 13 Sales Discounts sales avenue cash PR DR CR Account Rent Expenses Date Description Opening Balance Cash GL NOT Balance (Dror OLOR 520 DR PR DR CR 500 |PR/DR CR IT Account Merchandise inventory Date Description Opening Balance Accounts Payable 41 Cost of Goods Sold Cost of Goods sold 13 GL NOT 120 Balance (Ororo 37200 OR 57200 DR 35,000 21800 DR 4291 17509 DR 20000 Account Cost of Goods Sold Date Description Opening Balance Merchandise inventory Merchandise inventory GL NO Balance (Drora DIOR 35400 DA 29691 DR 35.100 4291 430 GL NO: Balance (Oror PR DR CR DR CR Account Interest Payable Description PR Opening Balance Act Payable Description PR Openir Balance Salaries expense 22 Employee benefits expense Account Other Income Date Description Opening balance Accounts Payable Account Office Supplies expenses Date Description Opening Balance Petty cash OL NO 205 Balance (De or OCH GL NO: 225 Balance (Dror OCA 201 231 CR 323.4 556.4 CR 3.10 OR CA 6000 0000|CR GL NO: PR DR JER Balance (Ororo OOR 210 210 DR A.Journalize the transactions. b) Enter the opening balances for balance sheet accounts and post the transactions to the General Ledger. b) Complete an inventory record using weighted average cost flow. c) Prepare a Bank Reconciliation Statement and record related journal entries in the General Journal. d) Post above journal entries (a) & (C) to general ledger accounts. e) Prepare the financial statements using ending account balances from ledger f) Calculate ratios and do simple analysis. Your accountant goes through the mail and opens the bank statement for the month of February provided by Well shown below Date Feb 1 Feb 8 Feb 14 Feb 17 Feb 18 Feb 19 Feb 25 Feb 28 Feb 28 Feb 28 Wells Fargo Local Bank Prepared for DITO Shoppee Information Withdrawal Deposit Opening Balance Chh2315 500.000 Deposit 9,540.00 Chq2316 13,440.00 Deposit 69,112.50 Chq#2317 25,200.00 Cha#10428 2.400.00 Petty Cash Chq2318 255.00 Auto debit loan payment 1,080.00 Service Charge 150.00 Interest 212.00 Balance 22,860.00 22,360.00 31,900.00 18,460.00 87,572.50 62,372.50 59,972.50 59,717.50 58,637.50 58,487.50 58,699.50 101 PR DR General Ledger Accounts Account Cash Date Description Opening Balance Feb 1 Paid Chat2314 Feb 1 Paid Ch#2315 Feb 13 Paid Chall2316 Feb 17 Received payment Feb 18 Paid inventory Cha#2317 Feb 20 Received payment Feb. 25 Petty Cash Ch#2318 Feb 28 Paid loan G3 GIB GJ3 G13 GIS GIB G3 G3 GL No: CR Balance (DR or CR) 32,400.00 DR 520.00 31,880,00 DR 500 31,380.00 DR 13,440.00 17,940,00 DR 69,112.50 87,052.50 DR 25,200.00 61,852.50 DR 1,000.00 62,852.50 DR 255 62,597,50 IDR 1,080.00 61,517.50 DR Additional Information: a) The $9.540 is already recorded in the ledger last month. b) Cheque number of the company has only three (4) digits. Required: Prepare the February bank reconciliation for DITO Shoppee using the bank statement and general ledger provided. Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries in the general journal and post the entries in the general ledger to bring the company's record up to date. DITO Shoppee Bank Reconciliation Statement February 28, 2021 Balance per books Explanation Balance per Bank DITO Shoppee Classified Balance Sheet As at January 31, 2021 Assets Cash $32,400 Accounts Receivable $16,820 Merchandise Inventory $37,200 Prepaid Insurance $3,200 Total Current Assets Long-Term Assets Equipment 145,000 Accumulated Depreciation -40,000 Total Assets 89,620 105.000 $194,620 Liabilities Current Liabilities Accounts Payable Unearned Revenue Salanes Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities $13,100 $9,200 $3,400 $10,560 $36 260 19 440 $55,700 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity 72,000 66.920 138.920 $194,620 Required: Using the balances of the General Ledger accounts as of Feb. 28, complete the financial statements 1) Prepare a multistep income statement DITO Shoppee Income Statement For the Month Ended February 28, 2021 2) Prepare a calculation of retained earnings Calculation of Retained Earnings For the Month Ended February 28, 2021 3) Prepare a classified balance sheet. Assume that $10,560 of the bank loan will be paid off in the 12 months. DITO Shoppee Balance Sheet As at February 28, 2021 Based on the information above, answer the following questions a) Calculate the current ratio as at February 28, 2021 b) Does DITO Shopper have a good or bad current ratio? Explain why or why not. c) Calculate the inventory days on hand ratio us at February 28, 2021 (Since this is for the month, do not multiply by 365 in the formula. Instead multiply by 31 days) a) Last month, the inventory days on hand ratio was 37 days. Has the ratio improved? Why or why not? e) Calculate the debt to equity ratio as at February 28, 2021 Calculate the gross profit margin as at February 28, 2021. Last month, the gross profit margin percentage was 72% What could have caused this decrease in grcas margin percentage? h) Calculate the inventory turnover as at February 28, 2021 i) If inventory turnover last month was 0.745, is the company holding on to inventory for a longer or shorter period of time? b) Complete an inventory record using weighted average cost flow. c) Prepare a Bank Reconciliation Statement and record related journal entries in the General Journal. d) Post above journal entries (a) & (C) to general ledger accounts. e) Prepare the financial statements using ending account balances from ledger f) Calculate ratios and do simple analysis. CR Cash Deption Opening balance PR OR PROR CR IGL NO: Balance or 32000 2314 2015 140 Generelle der Accounts GLNO 101 Account Prepaid insurance Balance (Orora Date Description 12400OR Opening Balance 520 BINNO DR SO 111 DR Acount coment 14000 17 DR Date Description MOR Opening balance 292 OR 877175 OR Account Accumulated Depreciation 1261750 Date Description . 7. O Opening Balance PR DR CR Retty cash RENTA Pile AL Racovable Receivable Petty cash Bank Loan Interesse IGNOL Balance biror 145000 9,112.50 1000 245 145 1 11 22 PROR CR GNO Balance (DOC OOCR 200 200 Account PettyCash PR OR CH PRO ICH lopen Balance GL NO 105 Balance Dror ol 5000 40 400 210 250 DA 245 SD 3 ODA Account Accounts Payable Date Description Opening Balance Merchandise inventory Other income Cash OLNO Balance (Oror 111001CH 33100CR 27100C 13100 500 11 thing expenses Office Supplies experts 20000 6000 14000 shower and short 220 PROR Account: CPP Payable Date Description Opening Balance Salaries expense Employee benefits expense 34 GL NO: Balance Oraron OCH 6271 CR 1254 CR C H 2.30 PR DR 2 Atent: Accounts Receivable Date Description 30 Opening Balance Sales Revenge PROR D E G GL NO 110 ICR Balance (Dror 16820 | DR 712501 88070 DR 69,112.50 18957. DR 2.137.50 15820 DR 18000 34320 DR 1000 33820 DR Account: income tax payable Date Description Opening Balance Salaries M GL NO: Balance (De ora OCR 2460 2460 CR 535 34 13 Sales Discounts sales avenue cash PR DR CR Account Rent Expenses Date Description Opening Balance Cash GL NOT Balance (Dror OLOR 520 DR PR DR CR 500 |PR/DR CR IT Account Merchandise inventory Date Description Opening Balance Accounts Payable 41 Cost of Goods Sold Cost of Goods sold 13 GL NOT 120 Balance (Ororo 37200 OR 57200 DR 35,000 21800 DR 4291 17509 DR 20000 Account Cost of Goods Sold Date Description Opening Balance Merchandise inventory Merchandise inventory GL NO Balance (Drora DIOR 35400 DA 29691 DR 35.100 4291 430 GL NO: Balance (Oror PR DR CR DR CR Account Interest Payable Description PR Opening Balance Act Payable Description PR Openir Balance Salaries expense 22 Employee benefits expense Account Other Income Date Description Opening balance Accounts Payable Account Office Supplies expenses Date Description Opening Balance Petty cash OL NO 205 Balance (De or OCH GL NO: 225 Balance (Dror OCA 201 231 CR 323.4 556.4 CR 3.10 OR CA 6000 0000|CR GL NO: PR DR JER Balance (Ororo OOR 210 210 DR A.Journalize the transactions. b) Enter the opening balances for balance sheet accounts and post the transactions to the General Ledger. b) Complete an inventory record using weighted average cost flow. c) Prepare a Bank Reconciliation Statement and record related journal entries in the General Journal. d) Post above journal entries (a) & (C) to general ledger accounts. e) Prepare the financial statements using ending account balances from ledger f) Calculate ratios and do simple analysis. Your accountant goes through the mail and opens the bank statement for the month of February provided by Well shown below Date Feb 1 Feb 8 Feb 14 Feb 17 Feb 18 Feb 19 Feb 25 Feb 28 Feb 28 Feb 28 Wells Fargo Local Bank Prepared for DITO Shoppee Information Withdrawal Deposit Opening Balance Chh2315 500.000 Deposit 9,540.00 Chq2316 13,440.00 Deposit 69,112.50 Chq#2317 25,200.00 Cha#10428 2.400.00 Petty Cash Chq2318 255.00 Auto debit loan payment 1,080.00 Service Charge 150.00 Interest 212.00 Balance 22,860.00 22,360.00 31,900.00 18,460.00 87,572.50 62,372.50 59,972.50 59,717.50 58,637.50 58,487.50 58,699.50 101 PR DR General Ledger Accounts Account Cash Date Description Opening Balance Feb 1 Paid Chat2314 Feb 1 Paid Ch#2315 Feb 13 Paid Chall2316 Feb 17 Received payment Feb 18 Paid inventory Cha#2317 Feb 20 Received payment Feb. 25 Petty Cash Ch#2318 Feb 28 Paid loan G3 GIB GJ3 G13 GIS GIB G3 G3 GL No: CR Balance (DR or CR) 32,400.00 DR 520.00 31,880,00 DR 500 31,380.00 DR 13,440.00 17,940,00 DR 69,112.50 87,052.50 DR 25,200.00 61,852.50 DR 1,000.00 62,852.50 DR 255 62,597,50 IDR 1,080.00 61,517.50 DR Additional Information: a) The $9.540 is already recorded in the ledger last month. b) Cheque number of the company has only three (4) digits. Required: Prepare the February bank reconciliation for DITO Shoppee using the bank statement and general ledger provided. Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries in the general journal and post the entries in the general ledger to bring the company's record up to date. DITO Shoppee Bank Reconciliation Statement February 28, 2021 Balance per books Explanation Balance per Bank DITO Shoppee Classified Balance Sheet As at January 31, 2021 Assets Cash $32,400 Accounts Receivable $16,820 Merchandise Inventory $37,200 Prepaid Insurance $3,200 Total Current Assets Long-Term Assets Equipment 145,000 Accumulated Depreciation -40,000 Total Assets 89,620 105.000 $194,620 Liabilities Current Liabilities Accounts Payable Unearned Revenue Salanes Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities $13,100 $9,200 $3,400 $10,560 $36 260 19 440 $55,700 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity 72,000 66.920 138.920 $194,620 Required: Using the balances of the General Ledger accounts as of Feb. 28, complete the financial statements 1) Prepare a multistep income statement DITO Shoppee Income Statement For the Month Ended February 28, 2021 2) Prepare a calculation of retained earnings Calculation of Retained Earnings For the Month Ended February 28, 2021 3) Prepare a classified balance sheet. Assume that $10,560 of the bank loan will be paid off in the 12 months. DITO Shoppee Balance Sheet As at February 28, 2021 Based on the information above, answer the following questions a) Calculate the current ratio as at February 28, 2021 b) Does DITO Shopper have a good or bad current ratio? Explain why or why not. c) Calculate the inventory days on hand ratio us at February 28, 2021 (Since this is for the month, do not multiply by 365 in the formula. Instead multiply by 31 days) a) Last month, the inventory days on hand ratio was 37 days. Has the ratio improved? Why or why not? e) Calculate the debt to equity ratio as at February 28, 2021 Calculate the gross profit margin as at February 28, 2021. Last month, the gross profit margin percentage was 72% What could have caused this decrease in grcas margin percentage? h) Calculate the inventory turnover as at February 28, 2021 i) If inventory turnover last month was 0.745, is the company holding on to inventory for a longer or shorter period of time