College Coasters is a San Diegobased merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1.

Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances 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 . Calculate the inventory turnover ratio and days to sell, assuming that inventory was $360 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) College Coasters is a San Dlego-based merchandiser speclallzing In logo-adorned drink coasters. The company reported the following balances in Its unadjusted trial balance at December 1. The company buys coasters from one suppller. All amounts In Accounts Payable on December 1 are owed to that supplier. The Inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. College Coasters records Its Inventory using perpetual Inventory accounts and the FIFO cost flow method. During December, the company entered Into the following transactions. Some of these transactions are explained in greater detall below. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unlt cost of $0.42, with terms of n/60. b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unlt cost of $0.45, with terms of n/60. c. Sold 1,700 coasters on account on 12/3 at a unit price of $1.00. d. Collected $900 from customers on account on 12/4. e. Pald the supplier $1,420 cash on account on 12/18. f. Pald employees $450 on 12/23, of which $250 related to work done in November and $200 was for wages up to December 22 . g. Loaded 100 coasters on a cargo ship on 12/31 to be dellvered the following week to a customer In Kona, Hawall. The sale was made FOB destination with terms of n/60. Other relevant Information Includes the following at 12/31: h. College Coasters has not yet recorded $190 of office expenses Incurred in December on account. I. The company estimates that the equlpment depreclates at a rate of $10 per month. One month of depreclation needs to be recorded. J. Wages for the perlod from December 23-31 are $100 and will be pald on January 15. k. The $720 of Prepald Rent relates to a slx-month perlod ending on May 31 of next year. I. The company Incurred $800 of Income tax but has made no tax payments this year. m. No shrinkage or damage was dlscovered when the Inventory was counted on December 31. n. The company did not declare dividends and there were no transactions Involving common stock. General Journal tab - Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the dropdown. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab.' Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. Record the transaction. Note: Enter debits before credits. 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