Lacorte inc, set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Ralph Lacorte. You were hired to account for transactions for the month of April 2022, complete month end processing, prepare the finencial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average _a. . ..thad in dutarmima value far the inventorv. Its balance sheet as at March 31, 2022, is presented below. inotes mesatine to balances: The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,440. The rhant of Armunts (GL no. ) is shown below: Required: a) Prepare the journal entries for the month of April. You will also need to update the inventory in the table for each purchase and sale found under the inventory Valuation tab of this workbook. b) Post the above journal entries to the accounts. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts e) Complete the 10 -column worksheet. e) Post the adjusting entries to the accounts f) Journalize and post the adjustments g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. h)Answer the analysis questions from 'a' to 'il' found under the financial statements tab of this workbook. Transactions for the month of April: At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: \begin{tabular}{|l|l|} \hline Apr 30 & For Prepaid insurance, record the adjustment of $520 to the current month expense. \\ \hline Apr 30 & For Unearned Revenue, $3,750 still remains unearned at the end of April. \\ \hline Apr 30 & Monthly depreciation on the equipment was $1,820. \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|} \hline & General Joural & & & Page 5 \\ \hline Date & Account Title and Explanation & PR & DR & CR \\ \hline 2022 & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} General Led cer Accounts \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & Cash & CR No: & 101 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 58,10000) DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Petty Cash } & GL No: & 105 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & Opening Balance & & & & 000 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{|l|}{ Accounts Receivable } & GL Nos & 1.10 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 16,870.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: } & Merchandise inventory & & GL No: & 120 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 30,240.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Account: Prepaid Insurance } & \multicolumn{3}{|l|}{125} & GL Noc & 125 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Baiance & & & & 6,200.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Actount: & \multicolumn{3}{|l|}{ Equipment } & GL No: & 140 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 155.000.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: } & Accumolated Depredation & G. No: & 145 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 60,000.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Accounts Payable & GL No: & 200 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Ealance (DR or CR) } \\ \hline & Opening Balance & & & & 12,000,00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Interest Payable & & GL No: & 205 \\ \hline Drte & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 0.00 CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: CPP Payable } & & GL Na: & 220 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ G Payable } & & GL No: & 225 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ income Tax Payable } & Gi No: & 230 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|c|} \hline \multicolumn{3}{|l|}{ Account: } & \multicolumn{2}{l|}{ Salaries Payable } & GL No: & 2.35 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & 6,100.00 & CR \\ \hline & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{|l|}{ Unearned Revenue } & GL No: & 240 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 12,500.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ Bank Loan } & GL No: & 245 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Cpening Balance & & & & 43,200.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{l|}{ Common Shares } & GL No: & \multicolumn{1}{|c|}{300} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 76,000.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Retained Earnings } & GL No: & 305 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 59,610.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: } & \multicolumn{2}{|l|}{ Sales Revenue } & GL No: & \multicolumn{1}{c|}{400} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Sales Discounts } & GL No: & 405 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c||l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{l|}{ Sales Returns and Allowances } & GL No: & 410 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|l|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Interest Revenue } & GL No: & \multicolumn{1}{|c|}{420} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Cost of Goods Sold } & GL No: & 500 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Employee Benefits Expense } & GL. No: & 510 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Depreciation Expense } & GL No: & S15 \\ \hline Date & Description & PR & DR & CR & \multicolumn{3}{|l|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Insurance Experise } & GL No: & 520 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{l|}{ Interest Expense } & GL No: & 525 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{l|}{ Office Supplies Expense } & GL No: & 530 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Rent Expense & GL No: & 535 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Salaries Expense } & GL No: & 540 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance [DR or CR] } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: Bank Charges Expense } & GL No: & 545 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: Entertainment Expense } & GL No: & 555 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{l|}{ Shipping Expense } & GL No: & 560 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Cash Over and Short & GL No: & 565 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} Notes: Round unit cost to 2 decimal places, then apply to quanity sold when determining total cost of goods sold. Use this chart to keep track of inventory values The inventory figure includes 720 units purchased at $42.00 each. Your accountant goes through the mail and opens the bank statement for the month of April provided by fank of commerce. it is shown below. Additional Information: a) The $17,400 is already recorded in the ledger last month. b) Cheque number of the company has (4) digits. Required: Prepare the April bank reconciliation for Lacorte inc, using the bank statement and general ledger provided. Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries in the general journal and post the entries in the general ledger to bring the company's record up to date. Required: Using the balances of the General Ledger accounts as of April 30 , complete the financial statements. 1) Prepare a multistep income statement. 2) Prepare a calculation of retained earnings 3) Prepare a classified balance sheet. Assume that $17,280 of the bank loan will be paid off in the Based on the information above, answer the following questions. a) Calculute the current ratio as at April 30, 2022 . b) Does tacorte inc. have a good or bad current ratio? Explain why or why not. c) Calculate the inventory days on hand ratio as at April 30, 2022. (5ince this is for the month, do not muliply by 365 in the formule. Instead multiply by 31 days.) Has the ratio improved? Why or why not? ei Calculate the debt to equity ratio as at Aprii 30, 2022 . f) Calculate the gross profit margin as at April 30, 2022. What miald have cause the decrease in the gross profit margin? h) Calculate the inventory turnover as at Apri 30,2022 . is the company holding inventory longer or for a sharter period of time? Lacorte inc, set up as a privately held corporation, operating as a ready to wear garments retailer, of which 100% of the Common Shares are owned by Ralph Lacorte. You were hired to account for transactions for the month of April 2022, complete month end processing, prepare the finencial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average _a. . ..thad in dutarmima value far the inventorv. Its balance sheet as at March 31, 2022, is presented below. inotes mesatine to balances: The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,440. The rhant of Armunts (GL no. ) is shown below: Required: a) Prepare the journal entries for the month of April. You will also need to update the inventory in the table for each purchase and sale found under the inventory Valuation tab of this workbook. b) Post the above journal entries to the accounts. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts e) Complete the 10 -column worksheet. e) Post the adjusting entries to the accounts f) Journalize and post the adjustments g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. h)Answer the analysis questions from 'a' to 'il' found under the financial statements tab of this workbook. Transactions for the month of April: At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: \begin{tabular}{|l|l|} \hline Apr 30 & For Prepaid insurance, record the adjustment of $520 to the current month expense. \\ \hline Apr 30 & For Unearned Revenue, $3,750 still remains unearned at the end of April. \\ \hline Apr 30 & Monthly depreciation on the equipment was $1,820. \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|} \hline & General Joural & & & Page 5 \\ \hline Date & Account Title and Explanation & PR & DR & CR \\ \hline 2022 & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} General Led cer Accounts \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & Cash & CR No: & 101 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 58,10000) DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Petty Cash } & GL No: & 105 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & Opening Balance & & & & 000 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{|l|}{ Accounts Receivable } & GL Nos & 1.10 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 16,870.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: } & Merchandise inventory & & GL No: & 120 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 30,240.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Account: Prepaid Insurance } & \multicolumn{3}{|l|}{125} & GL Noc & 125 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Baiance & & & & 6,200.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Actount: & \multicolumn{3}{|l|}{ Equipment } & GL No: & 140 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 155.000.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: } & Accumolated Depredation & G. No: & 145 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 60,000.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Accounts Payable & GL No: & 200 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Ealance (DR or CR) } \\ \hline & Opening Balance & & & & 12,000,00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Interest Payable & & GL No: & 205 \\ \hline Drte & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 0.00 CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Account: CPP Payable } & & GL Na: & 220 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ G Payable } & & GL No: & 225 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ income Tax Payable } & Gi No: & 230 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 0.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|c|} \hline \multicolumn{3}{|l|}{ Account: } & \multicolumn{2}{l|}{ Salaries Payable } & GL No: & 2.35 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & 6,100.00 & CR \\ \hline & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{|l|}{ Unearned Revenue } & GL No: & 240 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 12,500.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ Bank Loan } & GL No: & 245 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Cpening Balance & & & & 43,200.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{l|}{ Common Shares } & GL No: & \multicolumn{1}{|c|}{300} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 76,000.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Retained Earnings } & GL No: & 305 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 59,610.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: } & \multicolumn{2}{|l|}{ Sales Revenue } & GL No: & \multicolumn{1}{c|}{400} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Sales Discounts } & GL No: & 405 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c||l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{l|}{ Sales Returns and Allowances } & GL No: & 410 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|l|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Interest Revenue } & GL No: & \multicolumn{1}{|c|}{420} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Cost of Goods Sold } & GL No: & 500 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Employee Benefits Expense } & GL. No: & 510 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Depreciation Expense } & GL No: & S15 \\ \hline Date & Description & PR & DR & CR & \multicolumn{3}{|l|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Insurance Experise } & GL No: & 520 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{l|}{ Interest Expense } & GL No: & 525 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{3}{l|}{ Office Supplies Expense } & GL No: & 530 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Rent Expense & GL No: & 535 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: \multicolumn{3}{|l|}{ Salaries Expense } & GL No: & 540 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance [DR or CR] } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: Bank Charges Expense } & GL No: & 545 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Account: Entertainment Expense } & GL No: & 555 \\ \hline Date & Description & PR & DR & CR & Balance [DR or CR] \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & \multicolumn{2}{l|}{ Shipping Expense } & GL No: & 560 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Cash Over and Short & GL No: & 565 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} Notes: Round unit cost to 2 decimal places, then apply to quanity sold when determining total cost of goods sold. Use this chart to keep track of inventory values The inventory figure includes 720 units purchased at $42.00 each. Your accountant goes through the mail and opens the bank statement for the month of April provided by fank of commerce. it is shown below. Additional Information: a) The $17,400 is already recorded in the ledger last month. b) Cheque number of the company has (4) digits. Required: Prepare the April bank reconciliation for Lacorte inc, using the bank statement and general ledger provided. Compare the information in the general ledger to the bank statement. Once reconciled, record the relevant journal entries in the general journal and post the entries in the general ledger to bring the company's record up to date. Required: Using the balances of the General Ledger accounts as of April 30 , complete the financial statements. 1) Prepare a multistep income statement. 2) Prepare a calculation of retained earnings 3) Prepare a classified balance sheet. Assume that $17,280 of the bank loan will be paid off in the Based on the information above, answer the following questions. a) Calculute the current ratio as at April 30, 2022 . b) Does tacorte inc. have a good or bad current ratio? Explain why or why not. c) Calculate the inventory days on hand ratio as at April 30, 2022. (5ince this is for the month, do not muliply by 365 in the formule. Instead multiply by 31 days.) Has the ratio improved? Why or why not? ei Calculate the debt to equity ratio as at Aprii 30, 2022 . f) Calculate the gross profit margin as at April 30, 2022. What miald have cause the decrease in the gross profit margin? h) Calculate the inventory turnover as at Apri 30,2022 . is the company holding inventory longer or for a sharter period of time
