please complete the general journal, income statement, balance sheet, and analysis. please complete.

Check my work Exercise 8-30 (Algo) General Ledger Exercise; Inventory Transactions [LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8] On January 1, 2021, Displays Incorporated had the following account balances: Credit Accounts Cash - Accounts receivable Supplies Inventory Land Accounts payable Notes payable (54, due next year) Common stock Retained earnings Totals Debit 30,000 27,000 33,000 64,000 235,000 $ 34,000 28.000 194,000 133,000 $389,000 $ 389,000 From January 1 to December 31, the following summary transactions occurred: 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. Poid 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 1. Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 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. Check my work a. re|M V 4 ||| || || | | ||| 4 HH4 v MM. 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. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 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 December are $26,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis nces Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ... .. 13 Purchased inventory on account for $338,000. Note: Enter debits before credits Date Account Title Debit Credit ework Week 9 Help Save & Exit Submis Check my work Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Bolo Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Purchased inventory on account for $338,000. 2 Sold inventory on account for $610,000. 3 The cost of the inventory sold was $318,000. 4 Received $572,000 from customers on accounts receivable. Credit 5 Paid freight on inventory received, $32,000. 6 Paid $328,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $6,000. 7 Paid rent for the current vear. $50.000. The payment Note : = journal entry has been entered Record entry Clear entry View general Journal TCP Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journa in the first account field.) View transaction list 7 Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. 8 Paid salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 9 Supplies on hand at the end of the year are $5,000. Record the adjusting entry for supplies. Credit 10 Record the adjusting entry for accrued interest expense on notes payable. 11 Accrued income taxes at the end of December are $26,000. Record the adjusting entry for income taxes. 12 Record the closing entry for revenue accounts. Note : - journal entry has been entered Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No jour in the first account field.) View transaction list 13 Paid salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 9 Supplies on hand at the end of the year are $5,000. Record the adjusting entry for supplies. 10 Record the adjusting entry for accrued interest exp on notes payable. 6 11 Accrued income taxes at the end of December are $26,000. Record the adjusting entry for income taxe 12 Record the closing entry for revenue accounts. LTD 13 Record the closing entry for expense accounts Note : = journal entry has been entered Record entry Clear entry View general journal C. Accrued income taxes at the end of December are $26,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on yo selection. Unadjusted Displays Incorporated Income Statement For the year ended December 31, 2021 ces Gross profit Total operating expenses Operating income Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheets Analysis Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Displays Incorporated Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Assets Noncurrent Assets: Total Liabilities Stockholders' Equity Total Assets $ Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0 Income General General Income Requirement Trial Balance Journal Analysis Balance Sheet Statement Ledger Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) Analyze the following for Displays Incorporated (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. LIFO reserve is: (b) Assume Displays Incorporated $64,000 beginning balance of inventory comes from the base year with a cost index of 1.00. The cost index at the end of 2021 of 1.1. Calculate the amount the company would report for inventory using dollar-value LIFO. Ending 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 1. Inventory turnover ratio 2. Average days in inventory 3. Gross profit ratio THigher under LIFO Lower under LIFO Lower under LIFO Check my work Exercise 8-30 (Algo) General Ledger Exercise; Inventory Transactions [LO8-1, 8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8] On January 1, 2021, Displays Incorporated had the following account balances: Credit Accounts Cash - Accounts receivable Supplies Inventory Land Accounts payable Notes payable (54, due next year) Common stock Retained earnings Totals Debit 30,000 27,000 33,000 64,000 235,000 $ 34,000 28.000 194,000 133,000 $389,000 $ 389,000 From January 1 to December 31, the following summary transactions occurred: 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. Poid 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 1. Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 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. Check my work a. re|M V 4 ||| || || | | ||| 4 HH4 v MM. 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. The payment was recorded to Rent Expense. g. Pald salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 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 December are $26,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis nces Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ... .. 13 Purchased inventory on account for $338,000. Note: Enter debits before credits Date Account Title Debit Credit ework Week 9 Help Save & Exit Submis Check my work Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Bolo Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Purchased inventory on account for $338,000. 2 Sold inventory on account for $610,000. 3 The cost of the inventory sold was $318,000. 4 Received $572,000 from customers on accounts receivable. Credit 5 Paid freight on inventory received, $32,000. 6 Paid $328,000 to inventory suppliers on accounts payable of $334,000. The difference reflects purchase discounts of $6,000. 7 Paid rent for the current vear. $50.000. The payment Note : = journal entry has been entered Record entry Clear entry View general Journal TCP Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journa in the first account field.) View transaction list 7 Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. 8 Paid salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 9 Supplies on hand at the end of the year are $5,000. Record the adjusting entry for supplies. Credit 10 Record the adjusting entry for accrued interest expense on notes payable. 11 Accrued income taxes at the end of December are $26,000. Record the adjusting entry for income taxes. 12 Record the closing entry for revenue accounts. Note : - journal entry has been entered Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No jour in the first account field.) View transaction list 13 Paid salaries for the current year, $158,000. The payment was recorded to Salaries Expense. 9 Supplies on hand at the end of the year are $5,000. Record the adjusting entry for supplies. 10 Record the adjusting entry for accrued interest exp on notes payable. 6 11 Accrued income taxes at the end of December are $26,000. Record the adjusting entry for income taxe 12 Record the closing entry for revenue accounts. LTD 13 Record the closing entry for expense accounts Note : = journal entry has been entered Record entry Clear entry View general journal C. Accrued income taxes at the end of December are $26,000. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on yo selection. Unadjusted Displays Incorporated Income Statement For the year ended December 31, 2021 ces Gross profit Total operating expenses Operating income Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheets Analysis Prepare a classified balance sheet as of January 31, 2021. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Displays Incorporated Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 0 Total Current Assets Noncurrent Assets: Total Liabilities Stockholders' Equity Total Assets $ Total Stockholders' Equity Total Liabilities & Stockholders' Equity 0 Income General General Income Requirement Trial Balance Journal Analysis Balance Sheet Statement Ledger Using the information from the requirements above, complete the 'Analysis'. (Calculate the ratios to the nearest 1 decimal place.) Analyze the following for Displays Incorporated (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. LIFO reserve is: (b) Assume Displays Incorporated $64,000 beginning balance of inventory comes from the base year with a cost index of 1.00. The cost index at the end of 2021 of 1.1. Calculate the amount the company would report for inventory using dollar-value LIFO. Ending 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 1. Inventory turnover ratio 2. Average days in inventory 3. Gross profit ratio THigher under LIFO Lower under LIFO Lower under LIFO