Balance sheet and income statements

College Coasters is a San Diego-based merchandiser speciblizing in logo-adorned drank coasters. The company reported the following balonces in hs unadjusted traal batance ot Becember 1. The company buys cossters from one supplier All amountsin Accounts Payable on December 1 are owed to that suppliet. 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 imventocy ustng perpetual imventory occounts and the FFFO cost flow method. During Decembec, the compary entered into the foilowing transactions Some of these transactions are explained in greater detali below. a. Purchased 400 cobsters on account from the tegular supples on 121 at a unit cost of $0.42 whth terms of nu60 b. Purchased 900 coasters on account from the regular suipplier on 12/2 at a unit cost of $045, with terms of ru60. c Sold 2,000 coasters on eccount on 12/3 at unit poice of $100. d Collected 5850 from customers on account on 12/4 e. Paid the supplier $1,540 cast on account on 1218 t Paid employees $500 on 12/23 of which $260 related to woek tone in November and $240 was for wages up to December 22 . of Loaded 90 coasters on a cargo ship on 1231 to be delivered the following week to a customer in Kona, Hawai. The sale was made FOB destination with terms of ni60 Other relevant information includes the following at 12313 A. College Coasters has not yet recorded $160 of office expenses incurred in December on account 1. The company estimates that the tquipment depreciates at a rate of $8 per month. One month of depreciation needs to be tecorded 1 Wages for the period from December 2331 are $100 and will be paid on January 15 k. The $540 of Prepald Rent relates to a sa-month period ending on May 31 of next year. 1. The company incurted 5700 of income lax but has made no tax paythents this year. m. No shrinkage or damage was discovered when the inentory was counted on December 31 n. The company did not declare dividends and there were no transactions inwohing comimon stock. General Joumal tab - prepare the jourmal enties to record the tranchcicns (a) though (n). Review the accounts as shawn in the General cedger and Tilar Balsnce tabs. General Ledger tob - Each journal entry lis posted automatically to the gieneral lefgen Use the dropridonn button to view. the unadjuthed, adjusted, or posticloging balances in the Generd Ledger. Trial ealance fab - roa may vien elther the unadjusted, adyusted, of pok-closing trial balance by chwoting from the dropbown Income statement tab - Use the drog-down to swlect the accuunte properly inctuded an the income satement The unadjuted, adjusted, or post-doeing ba unces will appour for esth accoupt bawed on your seiection Balance sheet tab - Use the drog-down to select the accounts to property lncluded on the batance iheet. The unadjorted, adjusted, or poit-doging balances will appear for each account, babed on your sevecticon. 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 . Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the baiances 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. College Coasters is a San Diego-based merchandiser speciblizing in logo-adorned drank coasters. The company reported the following balonces in hs unadjusted traal batance ot Becember 1. The company buys cossters from one supplier All amountsin Accounts Payable on December 1 are owed to that suppliet. 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 imventocy ustng perpetual imventory occounts and the FFFO cost flow method. During Decembec, the compary entered into the foilowing transactions Some of these transactions are explained in greater detali below. a. Purchased 400 cobsters on account from the tegular supples on 121 at a unit cost of $0.42 whth terms of nu60 b. Purchased 900 coasters on account from the regular suipplier on 12/2 at a unit cost of $045, with terms of ru60. c Sold 2,000 coasters on eccount on 12/3 at unit poice of $100. d Collected 5850 from customers on account on 12/4 e. Paid the supplier $1,540 cast on account on 1218 t Paid employees $500 on 12/23 of which $260 related to woek tone in November and $240 was for wages up to December 22 . of Loaded 90 coasters on a cargo ship on 1231 to be delivered the following week to a customer in Kona, Hawai. The sale was made FOB destination with terms of ni60 Other relevant information includes the following at 12313 A. College Coasters has not yet recorded $160 of office expenses incurred in December on account 1. The company estimates that the tquipment depreciates at a rate of $8 per month. One month of depreciation needs to be tecorded 1 Wages for the period from December 2331 are $100 and will be paid on January 15 k. The $540 of Prepald Rent relates to a sa-month period ending on May 31 of next year. 1. The company incurted 5700 of income lax but has made no tax paythents this year. m. No shrinkage or damage was discovered when the inentory was counted on December 31 n. The company did not declare dividends and there were no transactions inwohing comimon stock. General Joumal tab - prepare the jourmal enties to record the tranchcicns (a) though (n). Review the accounts as shawn in the General cedger and Tilar Balsnce tabs. General Ledger tob - Each journal entry lis posted automatically to the gieneral lefgen Use the dropridonn button to view. the unadjuthed, adjusted, or posticloging balances in the Generd Ledger. Trial ealance fab - roa may vien elther the unadjusted, adyusted, of pok-closing trial balance by chwoting from the dropbown Income statement tab - Use the drog-down to swlect the accuunte properly inctuded an the income satement The unadjuted, adjusted, or post-doeing ba unces will appour for esth accoupt bawed on your seiection Balance sheet tab - Use the drog-down to select the accounts to property lncluded on the batance iheet. The unadjorted, adjusted, or poit-doging balances will appear for each account, babed on your sevecticon. 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 . Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the baiances 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