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 financial statements and perform a financial. ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average Total Liabilities 8 Equity $209,410 Nanbac Dalatinatio Ralanarac: The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,440, Tha Chart af Arraunte (G) no. I is shnwn halnut: 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 lecger accounts e) Complete the 10-column worksheet. e) Post-the adjusting entries to the accounts f) Journalize and post the adjustments B) 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 'i' found under the financial statements tab of this workbook. Transactions for the month of April: General Ledger Accounts \begin{tabular}{|c|l|l|l|l|l|l|} \hline Acceunt: & Petty Caih & \multicolumn{3}{|c|}{} & GI No & 105 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balence & & & & 0.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & Accounts Receivable & & & GL Nos & 110 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 16.370.00 & DK \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & Merchandise Inventory & & GL Ne: & 120 \\ \hline Dute & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 30,240.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|c|} \hline Accoount: & Prepaid insurance & & GL No: & 125 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance. & & & & 6,200 .00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Equipment } & GL. No: & 140 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Dpening Balance & & & & 158,000.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|} \hline Account: & Accumulated Depreciation & GL. NoL & 145 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 60.000.00 & CF \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{|l|}{ Accounts Payable: } & GL Ne: & 200 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 12.000.00 & CR. \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Account: CPP Payable } & GL No: & 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|l|l|l|l|l|l|} \hline Account: & El Payable & & GL Noa & 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|c|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ Income Tax Payable } & GL No: & 230 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & \multicolumn{2}{|c|}{0.00} & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Account: Salaries Payable } & GL No: & 235 \\ \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|} \hline Account: & \multicolumn{2}{|l|}{ Unearned Revenue } & GL No: & 240 \\ \hline Date & Description & PR & DR & CR & 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 & Opening Balance & & & & 43,200.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{3}{|l|}{ Account: Common Shares } & GL No: & 300 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 76,000.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{1}{|c|}{ Account: } & 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: Sales Discounts } & GL No: & \multicolumn{1}{|c|}{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|c|c|l|l|l|} \hline Account: Employee Benefits Expense & GL No: & 510 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|l|}{ Balance (DR or CR] } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & Depreciation Expense & GL No: & 515 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Account: } & Insurance Expense & 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|c|} \hline \multicolumn{1}{|c|}{ Account: } & \multicolumn{4}{|l|}{} & GLfice Supplies Expense & No: & 530 \\ \hline Date & Description & PR & DR & CR & Ealance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Rent Expense } & GL No: & 535 \\ \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|l|} \hline \multicolumn{4}{|l|}{ Account: } \\ \hline \multicolumn{3}{|l|}{ Bank Charges Expense } & GL No: & 545 \\ \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 \multicolumn{4}{|c|}{ Account: } & \multicolumn{4}{|l|}{} & GLtertainment Expense & & \multicolumn{1}{l|}{555} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Account: } \\ \hline Shipping Expense & & GL No: & 560 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ 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 mall and opens the bank statement for the month of April provided by Bank 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 generall 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 compary's record up to date. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Lacorte Inc. } \\ Bank Reconciliation Statement \\ April 30, 2022 & Balance per & Balance per \\ Bxplanation & & \\ \hline Bank \end{tabular} Required: Using the balances of the General Ledger accounts as of April 30, complete the financial statements. 1) Prepare a multistep income statement. 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) Calculate the current ratio as at Aasil 30. 2022. b) Does lacorte 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. (Since this is for the month, do not multiply by 365 in the formula. Instead multiply by 31 days.) Has the ratio imoroved? Why or why not? el Calculate the debt to equity ratio as at April 30, 2022. n Calculate the cross profit margin as at April 30, 2022. What could have cause the decrease in the gross profit margin? hi Calculate the inventory furnover as at April 30, 2022 . Is the company holding inventory longer or for a shorter 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 financial statements and perform a financial. ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average Total Liabilities 8 Equity $209,410 Nanbac Dalatinatio Ralanarac: The bank loan has an annual interest rate of 7% and has monthly principal payment of $1,440, Tha Chart af Arraunte (G) no. I is shnwn halnut: 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 lecger accounts e) Complete the 10-column worksheet. e) Post-the adjusting entries to the accounts f) Journalize and post the adjustments B) 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 'i' found under the financial statements tab of this workbook. Transactions for the month of April: General Ledger Accounts \begin{tabular}{|c|l|l|l|l|l|l|} \hline Acceunt: & Petty Caih & \multicolumn{3}{|c|}{} & GI No & 105 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balence & & & & 0.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & Accounts Receivable & & & GL Nos & 110 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 16.370.00 & DK \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & Merchandise Inventory & & GL Ne: & 120 \\ \hline Dute & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 30,240.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|c|} \hline Accoount: & Prepaid insurance & & GL No: & 125 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance. & & & & 6,200 .00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{l|}{ Equipment } & GL. No: & 140 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Dpening Balance & & & & 158,000.00 & DR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|l|l|} \hline Account: & Accumulated Depreciation & GL. NoL & 145 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & Opening Balance & & & & 60.000.00 & CF \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline Account: & \multicolumn{2}{|l|}{ Accounts Payable: } & GL Ne: & 200 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 12.000.00 & CR. \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Account: CPP Payable } & GL No: & 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|l|l|l|l|l|l|} \hline Account: & El Payable & & GL Noa & 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|c|c|c|c|c|c|} \hline Account: & \multicolumn{3}{|l|}{ Income Tax Payable } & GL No: & 230 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & \multicolumn{2}{|c|}{0.00} & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Account: Salaries Payable } & GL No: & 235 \\ \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|} \hline Account: & \multicolumn{2}{|l|}{ Unearned Revenue } & GL No: & 240 \\ \hline Date & Description & PR & DR & CR & 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 & Opening Balance & & & & 43,200.00 & CR \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{3}{|l|}{ Account: Common Shares } & GL No: & 300 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & 76,000.00 & CR \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline \multicolumn{1}{|c|}{ Account: } & 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: Sales Discounts } & GL No: & \multicolumn{1}{|c|}{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|c|c|l|l|l|} \hline Account: Employee Benefits Expense & GL No: & 510 \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|l|}{ Balance (DR or CR] } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & Depreciation Expense & GL No: & 515 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Account: } & Insurance Expense & 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|c|} \hline \multicolumn{1}{|c|}{ Account: } & \multicolumn{4}{|l|}{} & GLfice Supplies Expense & No: & 530 \\ \hline Date & Description & PR & DR & CR & Ealance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline Account: & \multicolumn{3}{|l|}{ Rent Expense } & GL No: & 535 \\ \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|l|} \hline \multicolumn{4}{|l|}{ Account: } \\ \hline \multicolumn{3}{|l|}{ Bank Charges Expense } & GL No: & 545 \\ \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 \multicolumn{4}{|c|}{ Account: } & \multicolumn{4}{|l|}{} & GLtertainment Expense & & \multicolumn{1}{l|}{555} \\ \hline Date & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|} \hline \multicolumn{4}{|c|}{ Account: } \\ \hline Shipping Expense & & GL No: & 560 \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|l|l|} \hline \multicolumn{1}{|c|}{ 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 mall and opens the bank statement for the month of April provided by Bank 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 generall 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 compary's record up to date. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Lacorte Inc. } \\ Bank Reconciliation Statement \\ April 30, 2022 & Balance per & Balance per \\ Bxplanation & & \\ \hline Bank \end{tabular} Required: Using the balances of the General Ledger accounts as of April 30, complete the financial statements. 1) Prepare a multistep income statement. 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) Calculate the current ratio as at Aasil 30. 2022. b) Does lacorte 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. (Since this is for the month, do not multiply by 365 in the formula. Instead multiply by 31 days.) Has the ratio imoroved? Why or why not? el Calculate the debt to equity ratio as at April 30, 2022. n Calculate the cross profit margin as at April 30, 2022. What could have cause the decrease in the gross profit margin? hi Calculate the inventory furnover as at April 30, 2022 . Is the company holding inventory longer or for a shorter period of time
