please complete worksheets. thanks! There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title Debit Credit 101 Cash 88,450 110 Accounts Receivable 195,613 120 Merchandise Inventory 256,250 125 Supplies on Hand 3,252 130 Prepaid Insurance 3,500 131 Prepaid Rent 7,500 150 Equipment 175,285 160 Accumulated Depreciation 24,260 202 Accounts Payable 72,555 210 Wages Payable - 301 Capital Stock 220,000 302 Retained Earnings, January 1 211,144 401 Sales 998,250 405 Sales Returns and Allowances 5,145 410 Interest Income 1,500 500 Purchases 560,880 501 Purchases Discounts 4,080 502 Purchases Returns and Allowances 1,200 505 Freight In 4,580 520 Advertising Expense 1,000 530 Sales Salaries Expense 88,600 532 Supplies Expense - 540 Office Salaries Expense 124,500 550 Utilities Expense 8,594 555 Insurance Expense - 560 Professional Fees Expense 3,000 570 Depreciation Expense - 580 Interest Expense 6,840 1,532,989 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2015 rent 4. Depreciation on equipment is $12,000 for the year 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title debit credit ` Baltimore Glass Company Trial Balance 42369 Acct. No. Account Title Debit Credit 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense 0 0 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015

Compute the ending inventory using LFIO for both the periodic and the perpetual methods below: units price 1-Jan Beginning inventory 3,500 $ 3.00 14-Jan Bought 1,500 $ 3.15 5-Feb Sold 1,000 22-Feb Bought 2,000 $ 3.20 7-Mar Sold 1,500 15-Mar Sold 2,000 5-Apr Bought 1,000 $ 3.25 10-Apr Sold 800 12-Apr Sold 800 22-Apr Sold 500 4-May Sold 600 10-May Bought 2,000 $ 3.30 25-May Sold 500 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Sold Balance Date units cost total units cost total units cost total 1-Jan 3500 $ 3.00 $ 10,500.00 LIFO Perpetual Inventory Purchased Sold Balance Date units cost total units cost total units cost total 1-Jan 3500 $ 3.00 $ 10,500.00 :

There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries. Baltimore Glass Company Trial Balance December 31, 2015 Acct. No. Account Title 101 Cash 110 Accounts Receivable 120 Merchandise Inventory 125 Supplies on Hand 130 Prepaid Insurance 131 Prepaid Rent 150 Equipment 160 Accumulated Depreciation 202 Accounts Payable 210 Wages Payable 301 Capital Stock 302 Retained Earnings, January 1 401 Sales 405 Sales Returns and Allowances 410 Interest Income 500 Purchases 501 Purchases Discounts 502 Purchases Returns and Allowances 505 Freight In 520 Advertising Expense 530 Sales Salaries Expense 532 Supplies Expense 540 Office Salaries Expense 550 Utilities Expense 555 Insurance Expense 560 Professional Fees Expense 570 Depreciation Expense 580 Interest Expense Debit 88,450 195,613 256,250 3,252 3,500 7,500 175,285 Credit 24,260 72,555 220,000 211,144 998,250 5,145 1,500 560,880 4,080 1,200 4,580 1,000 88,600 124,500 8,594 3,000 6,840 1,532,989 1,532,989 Adjusting items: 1. The remaining prepaid insurance at year end is $3,000 2. A physical inventory shows supplies on hand of $2,000 at year end 3. The prepaid rent of $7,500 covers January 2015 rent 4. Depreciation on equipment is $12,000 for the year 5. At year end sales salaries of $3,000 were earned but unpaid 6. At year end office salaries of $4,000 were earned but unpaid 7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet. 8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used. Do the following requirements below. Create proper headings for each statement. 1. Record adjusting journal entries from information above. It is possible that an item may not require an entry 2. Prepare an adjusted trial balance including the adjusting entries made 3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115. 4. Prepare a statement of retained earnings 5. Prepare a classified balance sheet 6. Prepare closing journal entries Account # Account Title ` Baltimore Glass Company Trial Balance debit credit 42369 Acct. No. 101 110 120 125 130 131 150 160 202 210 301 302 401 405 410 500 501 502 505 520 530 532 540 550 555 560 570 580 Account Title Cash Accounts Receivable Merchandise Inventory Supplies on Hand Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings, January 1 Sales Sales Returns and Allowances Interest Income Purchases Purchases Discounts Purchases Returns and Allowances Freight In Advertising Expense Sales Salaries Expense Supplies Expense Office Salaries Expense Utilities Expense Insurance Expense Professional Fees Expense Depreciation Expense Interest Expense Debit Credit 0 0 Baltimore Glass Company Income Statement For the Year Ended 12/31/2015 Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put some in selling expense also. Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost of goods sold You would have needed more information to determine that Note on interest - you could have combined as I did or shown them as separate items. Baltimore Glass Company Statement of Retained Earnings For the Year Ended 12/31/2014 You could have skipped the line for dividends and had just three lines on the statement since it was zero. Baltimore Glass Company Balance Sheet 42369 Closing Entries zero out income statement accounts for new year Compute the ending inventory using LFIO for both the periodic and the perpetual methods below: units 1-Jan Beginning inventory 14-Jan Bought 5-Feb Sold 22-Feb Bought 7-Mar Sold 15-Mar Sold 5-Apr Bought 10-Apr Sold 12-Apr Sold 22-Apr Sold 4-May Sold 10-May Bought 25-May Sold price 3,500 $ 1,500 $ 1,000 2,000 $ 1,500 2,000 1,000 $ 800 800 500 600 2,000 $ 500 3.00 3.15 3.20 3.25 3.30 LIFO Periodic Inventory (scroll down to see Perpetual input area) Purchased Date units cost total 1-Jan units cost Sold total Balance units cost total 3500 $ 3.00 $ 10,500.00 Balance units cost total 3500 $ 3.00 $ 10,500.00 LIFO Perpetual Inventory Date units 1-Jan Purchased cost total units cost Sold total