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(The following information applies to the questions displayed below.] Music-1s-Us, Inc, is a supplier of musical instruments for professional and amateur musiclans. The company's accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term llabilities. The company has provided the following trial balance dated December 31, 2021. Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $53,275. Included with the bank statement was a $2,300 check from iggy Smarts, a professional musician, charged back to Music-Is-Us as NSF. The bank's monthly service charge was $25. Three checks written by Music-ls-Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508,$3,800; no. 511,$9,000; and no, 521,$8,200. Deposits of $16,400 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month. 2. Music-1s-Us has a portfolio of marketable securities that originally cost $25,000. As of Dec amber 31, the market value of these securities was $33,300. All short-term investments are classifled as "available for sale." 3. During December, $6,000 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts recelvable led management to conclude that an allowance for doubtful accounts of $8,400 is neeoud at December 31, 2021. 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,350. This amount is not considered significant relative to the total cost of inventory on hand. 5. At December 31 , approximately $830 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. Its most recent payment was made on November 1. 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 , 2021. 8. Although Music-is-Us carries an extensive inventory. it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Unearned Customer Deposits." As of December 31, $4,700 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total $83,000, No income tax payments are due until early in 2022 . 3. During December, $6,000 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts recelvable led management to conclude that an allowance for doubtful accounts of $8,400 is needed at December 31,2021 . 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,350. This amount is not considered significant relative to the total cost of inventory on hand. 5. At December 31, approximately $830 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. its most recent payment was made on November 1 , 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 , 2021. 8. Although Music-15-Us carries an extensive inventory, it is not uncommon for experienced musicians to order ci stom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Uneamed Customer Deposits," As of December 31,$4,700 of these deposits remained unfilled because the speclal-order gultars have not been recelved from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total \$83,000. No income tax payments are due until early in 2022. m. Using the financial statements prepared in part k, determine approximately how many doys on average an item of merchandise femains in stock before it is sold. You may assume that the company's ending merchandise inventory balance on December 31 is a close approximation of its overage merchandise inventory balance throughout the year. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number, ) (The following information applies to the questions displayed below.] Music-1s-Us, Inc, is a supplier of musical instruments for professional and amateur musiclans. The company's accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term llabilities. The company has provided the following trial balance dated December 31, 2021. Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $53,275. Included with the bank statement was a $2,300 check from iggy Smarts, a professional musician, charged back to Music-Is-Us as NSF. The bank's monthly service charge was $25. Three checks written by Music-ls-Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508,$3,800; no. 511,$9,000; and no, 521,$8,200. Deposits of $16,400 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month. 2. Music-1s-Us has a portfolio of marketable securities that originally cost $25,000. As of Dec amber 31, the market value of these securities was $33,300. All short-term investments are classifled as "available for sale." 3. During December, $6,000 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts recelvable led management to conclude that an allowance for doubtful accounts of $8,400 is neeoud at December 31, 2021. 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,350. This amount is not considered significant relative to the total cost of inventory on hand. 5. At December 31 , approximately $830 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. Its most recent payment was made on November 1. 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 , 2021. 8. Although Music-is-Us carries an extensive inventory. it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Unearned Customer Deposits." As of December 31, $4,700 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total $83,000, No income tax payments are due until early in 2022 . 3. During December, $6,000 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts recelvable led management to conclude that an allowance for doubtful accounts of $8,400 is needed at December 31,2021 . 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,350. This amount is not considered significant relative to the total cost of inventory on hand. 5. At December 31, approximately $830 in office supplies remained on hand. 6. The company pays for its insurance policies 12 months in advance. its most recent payment was made on November 1 , 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31 , 2021. 8. Although Music-15-Us carries an extensive inventory, it is not uncommon for experienced musicians to order ci stom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Uneamed Customer Deposits," As of December 31,$4,700 of these deposits remained unfilled because the speclal-order gultars have not been recelved from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total \$83,000. No income tax payments are due until early in 2022. m. Using the financial statements prepared in part k, determine approximately how many doys on average an item of merchandise femains in stock before it is sold. You may assume that the company's ending merchandise inventory balance on December 31 is a close approximation of its overage merchandise inventory balance throughout the year. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number, )