please complete the general journal, the income statement, the balance sheet, and analysis for this problem

Exercise 8-30 (Algo) General Ledger Exercise; Inventory Transactions (L08-1,8-2, 8-3, 8-4, 8-5, 8-6, 8-7, 8-8] On January 1, 2021, Displays Incorporated had the following account balances: Credit Book Accounts Cash Accounts receivable Supplies Inventory Land Accounts payable Notes payable (58, due next year) Common stock Retained earnings Total Debit $ 30,000 27,000 33,000 64.000 235,000 Print $ 34,000 28,000 194,000 133,000 $389,000 $ 389,000 erences 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. Pald 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. Che Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. g. Paid 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 Book General Journal Requirement General Ledger Trial Balance Income Statement Print Balance Sheet Analysis o Ferences 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 9-11). 3. Review the adjusted Trial Balance as of December 31, 2021, in the 'Trial Balance' tab. 4. Prepare a multiple-step income statement for the period ended December 31, 2021, in the Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2021, in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12-13). 7. Using the information from the requirements above, complete the 'Analysis' tab. Requirement 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 journal er 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 omework weer y Check my work 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 journal entry required" in the first account field.) View transaction ist Book Print 7 Paid rent for the current year, $50,000. The payment was recorded to Rent Expense. Terences 8 Pald 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. Note: - journal entry has been entered Record entry Clear entry View general Journal Check my word 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 journal entry required" in the first account field.) View transaction list 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. 10 Record the adjusting entry for accrued interest expense on notes payable. Credit 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. 13 Record the closing entry for expense accounts. Note : = journal entry has been entered Record entry Clear entry View general Journal Check 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 your selection. ints Unadjusted - eBook Displays Incorporated Income Statement For the year anded December 31, 2021 Print References Gross profit Total operating expenses Operating income Ork Week 9 0 Saved Help Save Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 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: Total Current Assets Noncurrent Assets: Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity Total Assets General General Requirement Journal Income Trial Balance Statement Balance Sheet Ledger Analysis 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 Higher under LIFO Lower under LIFO Lower under LIFO