Need help with the journal entries, income statement, balance sheet, and attached analysis. Thanks!
On January 1, 2018, Displays Incorporated has the following account balances: Debit Credit Accounts Cash Accounts Receivable Supplies 27,800 33,800 64,8e8 Land Accounts Payable Notes Payable (5%, due next year) Common Stock Retained Earnings 235,808 $ 34,e0e 28,808 194,8e8 133,888 $389,8e8 $389,808 Totals From January 1 to December 31, the following summary transactions occur: a. Purchased inventory on account for $338,000 b. Sold inventory on account for $610,000. The cost of the inventory sold was $318,000. C. Received $.572,000 from customers on accounts receivable. d. Paid freight on inventory received, $32,000. e. Paid $328,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $6,000 f. Paid rent for the current year, $50,000. g. Paid salaries for the current year, $158,000. Year-end adjusting entries: a. Supplies on hand at the end of the year are $5,000. b. Accrued interest expense on notes payable for the year. c. Accrued income taxes at the end of January are $26,000. General Requirement Journal General Ledger Trial Balance Statement Balance Sheet Analysis Record each of the transactions listed above in the General Journal tab (these are shown as items 1-8) assuming a perpetual inventory system. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record adjusting entries on December 31. In the 'General Journal' tab (these are shown as items 10-12) 3. Review the adjusted Trial Balance' as of December 31, 2018, in the 'Trial Balance tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2018, in the Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2018, in the Balance Sheet tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 13-14) 7. Using the information from the requirements above, complete the 'Analysis' tab. General Journal> General Trial BalaStatement Ledger General Requirement Journal Balance Sheet Analysis Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) ze the r ACME Fireworks (a) Suppose Displays Incorporated.decided to maintain its internal records using FIFO but to use LIFO for external reporting. Assuming the ending balance of inventory under LIFO would have been $94,000, calculate the LIFO reserve. IFO reserve is: (b) Assume Displays Incorporated $68,000 beginning balance of inventory comes from the base year with a cost index of 1. The cost index at the end of 2018 of 1. Calculate the amount the company would report for inventory using dollar-value LIFO. (c) Indicate whether each of the amounts below would be higher or lower when reporting inventory using LIFO (or dollar-value LIFO) instead of FIFO in periods of rising inventory costs and stable inventory quantities. Inventory turnover ratio Average days in inventory Gross t ratio
