On January 1, 2024, the general ledger of Parts Unlimited includes the following account balances: Accounts Title Cash Accounts Receivable Inventory Land Equipment Accumulated depreciation Accounts Payable Common stock Retained Earnings Totals Debit $ 180,400 30,400 55,800 358,000 394,500 Credit $ 190,000 32,800 538,000 258,300 $ 1,019,100 $ 1,019,100 From January 1 to December 31, the following summary transactions occurred: a. Purchased inventory on account, $343,800. b. Sold inventory on account, $637,200. The inventory cost $360,600. c. Received cash from customers on account, $576,700. d. Paid cash on account, $346,500. e. Paid cash for salaries, $112,700, and for utilities, $70,700. In addition, Parts Unlimited had the following transactions during the year. April 1 Purchased equipment for $113,000 using a note payable, due in 12 months plus 8% interest. The company also paid cash of $5,000 for freight and $5,600 for installation and testing of the equipment. The equipment has an estimated residual value of $15,600 and a 10-year service life. June 30 Purchased a patent for $58,000 from a third-party marketing company related to the packaging of the company's products. The patent has a 20-year useful life, after which it is expected to have no value. October 1 Sold equipment for $50,000. The equipment cost $78,700 and had accumulated depreciation of $55,400 at the beginning of the year. Additional depreciation for 2024 up to the point of the sale is $10,300. (Hint: Total accumulated depreciation equals the amount at the beginning of the year plus the amount recorded for the current year.) November 15 Several older pieces of equipment were improved by replacing major components at a cost of $72,100. These improvements are expected to enhance the equipment's operating capabilities. [Record this transaction using Alternative 2- capitalization of new cost.] Year-end adjusting entries: a. Depreciation on the equipment purchased on April 1, 2024, calculated using the straight-line method. b. Depreciation on the remaining equipment, $39,500. c. Amortization of the patent purchased on June 30, 2021, using the straight-line method. d. Accrued interest payable on the note payable. e. Equipment with an original cost of $85,200 had the following related information at the end of the year. accumulated depreciation of $58,300, expected cash flows of $17,500, and a fair value of $19,800. f. Accrued income taxes at the end of the year are $30,600.

Complete this question by entering your answers in the tabs below. Prepare a multiple-step income statement for the period ended December 31, 2024. Choose the appropriate Jccounts to complete the company's income statement. The unadjusted, adjusted, of post-dosing balances will appear for each account, based on your selection. Year end adjusting entries: - Depreciation on the equipment purchased on April 1, 2024, calculated ising the straight-line method. b. Oepreclation on the remaining equipment, $39.500 c. Amonization of the potent purchased on June 30, 2021, using the straight-fine method. 4. Accrued interest payoble on the note payable e Equipment with an original cost of $85,200 had the following related informotion at the end of the year accumuloted depreciation of $58,300, expected cash flows of $17,500, and a fair value of $19,800 f Accrued income taxes at the end of the year are $30,600. Complete this question by entering vour answers in the tabs below. Prepare a dascifind talance sheet as of December 31, 2024. Choose the appropriate accounts to complete the comparry's ballance sheet. The unadjusted, adjuited, or post-doing balances will appear for each account, based on your setection. On January 1, 2024, the general ledger of Parts Unlumited includes the following account balances: From January 1 to December 31, the following summary transactions occurred a. Purchased inventory on account, $343,800 b. Sold inventory on account, $637,200. The inventory cost $360,600 c. Received cash from customers on account, $576,700 d. Paid cash on account, $346,500. e. Paid cash for salaries, $112,700, and for utilities, $70,700. In addition, Parts Unlimited had the following transoctions during the year Apri1 1 Purchased equipnent for $113,089 using a note payable, due in 12 sonths plus dx interest. The company also paid cash of \$5, 030 for freight and \$5, 600 for installation and testine of the equipment. The equiprent has on estimated residual value of $15,699 and a 10-year service tife. Jure 30 Purchased a patent for $58,000 frce a third-party marketing compary related to the packoging of the company's products. The potent has a 20 -year useful iffe, after linich it is expected to have no value. actoter 1 sold equipment for $50,009. The equipment cost \$75, 700 and had accuanuated depreciation of $55,490 at the becinning of the year. Additional depreclation for 2024 up to the point of the sole is $10,300. (OHint: Total occumulated depreciation equals the mount ot the beginoing of the year plus the anount recorded for the curcent yeac.) Novenber 15 several older pieces of equipoent were inproved by replacing esjor components at a cost of 372,100 . These inpraveaents are expected to enhance the equipoent's operating capabilities, (hecord this transaction using Alternative 2capitalization of new cost.] Yeor-end adjusting entries: a. Depreciation on the equipment purchosed on April 1, 2024, calculated using the straight-fine method b. Depreciation on the remaining equipment, $39,500 c. Amortizotion of the potent purchased on June 30, 2021, using the straight line method a. Accrued interest payoble on the note payoble e Equipment with an original cost of $85,200 had the following related information at the end of the year occumulated depreciotion of $8,300, expected caoh flows of $17,500, and a fair value of $19,800 f Accrued income toxes of the end of the year are $30,600 a Purchased imwntory on account, 5343.800 6 Sold inwritory on eccount, $537,200. The invensocy cous $360.000 c. Pecelved casi froen custemen on occount. $576700 d Paid cosh on acceunt. $346.500 e. Poid cash for salacies, $12700, and for utiken 570700 In sddmion Pars Unamied had the following yansocione during the yebr: colinicintian of the tost.) Year end adjasting entries a Acoued interest posstid on the nate nayable. Complete this question by entering your answers in the tabs below. Using the information from the requirements above, complete the 'Analysis'. Note: Round "fixed asset tumover ratio" answer to 2 decimal places. Analyze how well Parts Unlimited manages its assets: (a) Calculate the fixed asset turnover ratio for the year, using the total armount of property, plant, and equipment (net of accumulated Equipment with an onginal cost of $85,200 had the following related information at the end of the year accumulated depreciation of $58,300, expected cast fows of $17,500, and a lair value of $19.800 f Accrued income taxes of the end of the year are $30,600. Complete this question by entering vour answers in the tabs below. Each joumal entry is posted automatically to the general ledger. The unadjusted, adjusted, or post dosing balances will appear for each accoent, based on your selection