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There are 6 problems in this assignment. After you complete each problem, page down further to see the next problem Hint: a sample chart of account can be found on http://higheredbcs.wiley.com/legacy/college/kimmel/1118024494/accounts/acc PROBLEM 1 Philosophy distributes books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of J 1-Jun 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $2,490 (including freight) from Celtic Publishers, terms 2/10, n/30. Sold books on account to Confu Bookstore for $1,400. The cost of the merchandise sold was $900. Received $90 credit for books returned to Celtic Publishers. Paid Celtic Publishers in full. Received payment in full from Confu Bookstore. Sold books on account to Shinto for $1,400. The cost of the merchandise sold was $800. Purchased books on account for $900 from Tao Publishers, terms 2/15, n/30. Received payment in full from Shinto. Paid Tao Publishers in full. Sold books on account to Italo Bookstore for $2,650. The cost of the merchandise sold was $850. Granted Italo Bookstore $260 credit for books returned costing $90. a) Journalize the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amou GENERAL JOURNAL DATE ACCOUNT DEBIT CREDIT PROBLEM 2 The trial balance of Tomtom Company contained the following accounts shown at December 31, the end of the company's fisca TOMTOM COMPANY Trial Balance 12/31/2017 Cash Accounts Receivable Inventory Land Buildings Accumulated DepreciationBuildings Equipment Accumulated DepreciationEquipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Utilities Expense Maintenance and Repairs Expense Advertising Expense Insurance Expense Debit $ 45,530.00 54,520 101,500 133,400 290,000 Credit $ 87,000.00 121,075 58,725 79,315 25,375 232,000 97,440 14,500 1,337,045 8,700 1,029,355 74,385 16,530 12,905 7,540 6,960 1,916,900 1,916,900 Adjustment data: 1 Depreciation is $11,600 on buildings and $10,150 on equipment. (Both are operating expenses.) 2 Interest of $6,525 is due and unpaid on notes payable at December 31. 3 Income tax due and unpaid at December 31 is $34,800. Other data: $21,750 of the notes payable are payable next year. a) Prepare the adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. In (Hint: available accounts are listed on the Adjusted Trial Balance template - section b) GENERAL JOURNAL DATE ACCOUNT DEBIT CREDIT Debits Credits b) Prepare an adjusted trial balance on May 31. TOMTOM COMPANY Adjusted Trial Balance 12/31/2017 Cash Accounts Receivable Inventory Land Buildings Accumulated DepreciationBuildings Equipment Accumulated DepreciationEquipment Notes Payable Accounts Payable Interest Payable Income Taxes Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Utilities Expense Maintenance and Repairs Expense Advertising Expense Insurance Expense Depreciation Expense Income Tax Expense Interest Expense Totals c) Prepare an "muti-step" income statement for the month of January. TOMTOM COMPANY Income Statement For the year ended December 31, 2017 d) Prepare a retained earnings statement for the month of January. TOMTOM COMPANY Statement of Retained Earnings For the year ended December 31, 2017 e) Prepare a "classified" balance sheet at January 31. TOMTOM COMPANY Balance Sheet December 21, 2017 Assets Liabilities and Stockholders' Equity PROBLEM 3 You have the following information for Shamrock Corp. for the month ended October 31, 2017. Blue Spruce Corp. uses a perio Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Units 54 128 104 108 64 75 103 Unit Cost or Selling Price $26 $28 $33 $29 $38 $31 $38 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place.) Please put your answers below: Ending Inventory ($) Cost of Goods Sold ($) Gross Profit ($) Gross Profit Rate (%) LIFO FIFO AVG-COST (Note: You can use the next worksheet for calculation purposes.) PROBLEM 4 Lilly Corp. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. Date Dec. 31 Jan. 2 Description Ending inventory Purchase Quantity 175 101 Unit Cost or Selling Price $22 $24 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Sale Purchase Sale Purchase Sale 180 71 49 100 137 $41 $26 $46 $27 $49 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 0 decimal place.) Please put your answers below: Ending Inventory ($) Cost of Goods Sold ($) Gross Profit ($) LIFO FIFO AVG-COST (Note: You can use the next worksheet for calculation purposes.) PROBLEM 5 The following information is available for Tulip Corp. for 2015, 2016, and 2017. ($ in millions) Beginning inventory Ending inventory Cost of goods sold Sales revenue 2015 $1,700 $2,500 $17,712 $38,778 2016 $2,500 $2,500 $20,654 $43,838 2017 $2,500 $2,400 $19,808 $42,773 Calculate the the following ratios for Tulip Corp. for 2015, 2016, and 2017. (Round all ratios to 1 decimal place.) Please put your answers below: Inventory Turnover (times) Days in Inventory (days) Gross Profit Rate (%) 2015 2016 2017 (Note: You can use the next worksheet for calculation purposes.) PROBLEM 6 Suppose this information (in millions) is available for the Rose Corporation for a recent year. Rose Corporation uses the LIFO in Beginning inventory Ending inventory LIFO reserve Current assets Current liabilities Cost of goods sold Sales revenue $14,322 15,198 1,287 59,474 76,181 166,256 175,531 Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.) (a) The inventory turnover (b) Days in inventory er to see the next problem. 1118024494/accounts/account_classification_and_presentation.pdf mers. During the month of June, the following merchandising transactions occurred. 2/10, n/30. d was $900. Please do not write beyond Column G. s and enter 0 for the amounts. Insert additional lines if needed. Please skip a line between each journal entry. Description is not required) end of the company's fiscal year. enter 0 for the amounts. Insert additional lines if needed. Please skip a line between each journal entry. Description is not required) Spruce Corp. uses a periodic method for inventory. Please do not write beyond Column G. ounts are settled in cash. You are provided with the following information for Lilly Corp. for the month of January 2017. 1 decimal place.) orporation uses the LIFO inventory method. Description is not required) ription is not required) (Please use this worksheet for backup calculations, if needed. This page will not be graded)