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On January 1, 2021, the general ledger of Parts Unlimited includes the following account balances: Credit Debit $ 168,400 18,400 43,800 346,000 361,500 Accounts Cash Accounts Receivable Inventory Land Equipment Accumulated depreciation Accounts Payable Common stock Retained Earnings Totals $ 178,000 20,800 526,000 213,300 $938, 100 $938, 100 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account, $331,800. b. Sold inventory on account, $589,200. The inventory cost $348,600. c. Received cash from customers on account, $564,700. d. Paid cash on account, $334,500. e. Paid cash for salaries, $100,700, and for utilities, $58,700. In addition, Parts Unlimited had the following transactions during the year: In addition, Parts Unlimited had the following transactions during the year: April 1 Purchased equipment for $101,600 using a note payable, due in 12 months plus 6 interest. The company also paid cash of $3,800 for freight and $4,400 for installation and testing of the equipment. The equipment has an estimated residual value of $13,200 and a ten-year service life. June 30 Purchased a patent for $46,800 from a third-party marketing company related to the packaging of the company's products. The patent has a 20-year useful life, after which it is expected to have no value. October 1 Sold equipment for $36,880. The equipment cost $66,700 and had accumulated depreciation of $43,400 at the beginning of the year. Additional depreciation for 2021 up to the point of the sale is 59,120. (Hint: Total accumulated depreciation equals the amount at the beginning of the year plus the amount recorded for the current year.) Novenber 15 Several older pieces of equipment were improved by replacing major components at a cost of $60,100. These improvements are expected to enhance the equipment's operating capabilities. (Record this transaction using Alternative 2-capitalization of new cost. ) Year-end adjusting entries: a. Depreciation on the equipment purchased on April 1, 2021, calculated using the straight-line method. b. Depreciation on the remaining equipment. $27,500. C. Amortization of the patent purchased on June 30, 2021, using the straight-line method. d. Accrued interest payable on the note payable. e. Equipment with an original cost of $72.000 had the following related information at the end of the year: accumulated depreciation of $45,100, expected cash flows of $21,700, and a fair value of $13,800 f. Accrued income taxes at the end of the year are $18,600. Apr 01 114,200 % Equipment Notes payable Cash 101,000 13,200 x Jun 30 Patent 46,000 Cash 46,000 Oct 01 9,100 Depreciation expense Accumulated depreciation 9,100 10 Oct 01 60,100 % 43,400 Cash Accumulated depreciation Equipment Gain on sale of equipment 66,700 36,800 x Nov 15 54,100 X Equipment Cash 54,100 Dec 31 74,760 % Depreciation expense Accumulated depreciation 74,760 Dec 31 27,500 Depreciation expense Accumulated depreciation 27,500 Dec 31 27,500 Depreciation expense Accumulated depreciation 27,500 14 Dec 31 Amortization expense 2,300 Patent 2,300 X 15 Dec 31 4,545 Interest expense Interest payable 4,545 16 Dec 31 No journal entry required Dec 31 18,600 Income tax expense Income taxes payable 18,600 Dec 31 589,200 Sales revenue Retained earnings 589,200 $ Dec 31 644,805 Retained earnings Utilities expense Salaries expense Cost of goods sold Depreciation expense Amortization expense BOOOOOO 58,700 100,700 348,600 36,600 2,300 18 600 Income tax AXNANSA based on your selection. Post-closing Parts Unlimited Income Statement For the year ended December 31, 2021 Sales revenue Cost of goods sold Gross profit Operating expenses: Salaries expense Utilities expense Depreciation expense Amortization expense | 0 Total operating expenses Income tax expense Operating income Gain on sale of equipment Income after taxes Interest expense Net income (36,800) 36,800 **** 36,800 places.) Analyze how well TNT Fireworks manages its assets: (a) Calculate the fixed asset turnover ratio for the year, using the total amount of property, plant, and equipment (net of accumulated deprecation). If the industry average fixed asset turnover is 0.75, is the company more or less efficient at generating sales with its fixed assets than other companies in the same industry? (Hint: For the amount of fixed assets, use the net amount of all tangible long-term assets.) The fixed asset turnover ratio is: 0.12 x The company is more efficient managing its inventory. (True or False) True (b) Suppose the equipment purchased on April 1, 2021, had been depreciated using the units of production method. At the time of purchase, expected output was 20,000 units, and actual production for 2021 was 3,000 units. Calculate the amount of depreciation expense that would have been recorded and determine the difference in net income and total assets for 2021 (ignoring tax effects). Units-of-production depreciation: Depreciation expense under units-of-production method is higher. (True or False) Income and total assets in 2021 would have been True higher by (c) The transaction on June 30, 2021, shows the company purchased a patent for $46,000 from a third-party marketing company. Suppose the company instead spent $46,000 to internally develop the new packaging technology, which it then patented. Calculate the difference in net income and total assets for 2021 (ignoring tax effects) Additional expense for 2021 46,000 & The income and total assets in 2021 would have been higher. (True or False) False Requirement General Journal General Ledger Trial BalanceStatement Income Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select in the first account field.) View transaction list Journal entry worksheet Record the purchase of equipment for $101,000 using a note payable, due in 12 months plus 6% interest. The company also paid cash of $3,800 for freight and $4,400 for installation and testing of the equipment. The equipment has an estimated residual value of $13,200 and a ten-year service life. Note: Enter debits before credits. Date Credit Debit 114,200 Apr 01 General Journal Equipment Notes payable Cash 101,000 13,200 explanation Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select " in the first account field.) View transaction list Journal entry worksheet Record the sale of equipment for $36,800. The equipment cost $66,700 and had accumulated depreciation of $43,400 at the beginning of the year. Note: Enter debits before credits. Credit Date Oct 01 General Journal Cash Accumulated depreciation Equipment Gain on sale of equipment Debit 60,100 43,400 66,700 36,800 explanation Apr 01 114,200 % Equipment Notes payable Cash 101,000 13,200 x Jun 30 Patent 46,000 Cash 46,000 Oct 01 9,100 Depreciation expense Accumulated depreciation 9,100 10 Oct 01 60,100 % 43,400 Cash Accumulated depreciation Equipment Gain on sale of equipment 66,700 36,800 x Nov 15 54,100 X Equipment Cash 54,100 Dec 31 74,760 % Depreciation expense Accumulated depreciation 74,760 Dec 31 27,500 Depreciation expense Accumulated depreciation 27,500 Income Requirement General Journal General Ledger Trial Balance Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No joun in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for depreciation on the equipment purchased on April 1, 2021, calculated using the straight-line method. Note: Enter debits before credits. Credit Date Dec 31 General Journal Depreciation expense Accumulated depreciation Debit 74,760 74,760 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, sele in the first account field.) View transaction list Journal entry worksheet 15 16 Record the adjusting entry for equipment with an original cost of $72,000 that had the following related information at the end of the year: accumulated depreciation of $45,100, expected cash flows of $21,700, and a fair value of $13,800. Note: Enter debits before credits. Debit Credit Date Dec 31 General Journal No journal entry required explanation