Complete the assignment given below:

Instructions: Jack, Inc. sells toy mice to high$-$end pet stores. The company has been in business for many years and uses the calendar year for accounting purposes. It is a publicly owned company that is subject to all applicable laws and rules. The company uses the perpetual method to account for its inventory.

Following is Jack's trial balance for calendar year $2023$ through December $20$th$.$ This trial balance does not reflect the transactions that occurred during the last $11$ days of the year or adjustments that are necessary, as described by the additional information below. The Loan payable is due in $8$ months $($hint: current or noncurrent$).$

Jack, Inc.

Trial Balance

As of December $20,2023$

Debits

Credits

Cash

$ $25,400$

$ $-$

Accounts receivable

$13,000$

$-$

Supplies

$10,780$

$-$

Inventory

$21,000$

$-$

Equipment

$44,000$

$-$

Accumulated depreciation

$-$

$-$

Accounts payable

$-$

$22,000$

Rent payable

$-$

$-$

Loan payable

$-$

$33,500$

Interest payable

$-$

$-$

Capital stock

$-$

$16,000$

Retained earnings

$-$

$21,010$

Sales

$-$

$60,580$

Sales $-$ Discounts

$-$

$-$

Cost of goods sold

$4,010$

Rent expense

$9,000$

$-$

Salaries expense

$20,000$

$-$

Supplies expense

$-$

$-$

Depreciation expense

$-$

$-$

Interest expense

$500$

$-$

Utilities expense

$5,400$

$-$

$ $153,090$

$ $153,090$

Step $1$:

We have eight different scenarios. Some of these are adjustments that need to be made and some of these are transactions that occurred between the $20$th and the end of the year that need to be recorded. Write these transactions in the form of General Journal.

T$1.$ he company received payment to settle a $$11,000$ Account receivable on December $21.$ The terms of the receivable were $1\mathrm{.}5/10,$ N$/30$ and the payment reflected that it was within the discount period.

$2.$ On Dec $22,$ the company settled with cash a $$15,000$ Account payable with a vendor who sold the company inventory on December $18($the balance is included in Accounts payable at Dec $20).$ The terms of the payable were $1\mathrm{.}5/10,$ N$/30$ and the payment reflected that it was within the discount period.

$3.$ The company sold $$23,500$ of toy mice on December $22.$ The terms of the sale were $1\mathrm{.}5/10,$ N $/30.$ The cost $($inventory$)$ of the mice was $$12,500.$

$4.$ The company's president, Elizabeth, decided the company needed more capital, so she sold more stock on December $30$th for $$46,000.$

$5.$ The equipment was purchased near the beginning of the year. $$2,450$ of its cost expired this year.

$6.$ Interest of $$1,400$ is owed on December $31,$ but has not been recorded.

$7.$ Supplies on hand at year end were counted, and amount to $$4,000.$

$8.$ December's rent of $$1,500$ is owed, but has not been recorded.

Steps $2.$

A$)$ Create a three$-$column General Ledger and drop in the account balances from the provided trial balance.

B$)$ Create a General Journal and prepare the necessary entries through yearend.

C$)$ Post journal entries to your General Ledger set up in $($B$)$ and determine the adjusted balances of the accounts.

D$)$ Create an adjusted trial balance.

E$)$ Prepare the multi$-$step income statement. Use proper headings!

F$)$ Prepare a statement of retained earnings. Use proper headings!

G$)$ Prepare a classified balance sheet. Use proper headings!.

H$)$ Calculate the current ratio and gross profit percentage and explain what they mean with regard to this company.

I$)$ Analyze an aspect of the financial statements with a minimum of a $5$ sentence written paragraph. Use proper accounting language and do not forget to clearly define the rule or accounting principle you are analyzing.