prepare a income statement

College Coasters is a San Diego-based merchandiser specializing in logo-adorned dtink coasters. The company reported the following balances in its unadjusted trial balance at December 1. The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpefual inventory accounts and the FIFO cost flow method: During December, the company entered into the following transactions. Some of these transactions are explained in greater detal below. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regulor supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 1.600 coasters on account on 12/3 at a unit price of $1.10 a Collected $990 from customers on occount on 12/4. e. Poid the supplier $1,410 cash on account on 12/18 f. Paid employees $470 on 12/23, of which $290 related to work done in November and $180 was for wages up to December 22 . g. Loaded 90 coasters on a cargo ship on 12/31 to be defivered the following week to a customer in Kona, Hawall. The sale was made FOB destination with terms of ni60 Other relevant information includes the following ot 12/31 h. College Coasters has not yet recorded $160 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded. j. Wages for the period from December 2331 are $100 and will be paid on January 15. k. The $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $700 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31. n. The company did not declare dividends and there were no transactions involving common stock. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or lass for the year ended December 31 . h. College Coasters has not yet recorded $160 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded. j. Wages for the period from December 2331 are $100 and will be paid on January 15. k. The $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $700 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31. n. The company did not declare dividends and there were no transactions involving common stock. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or lass for the year ended December 31 . College Coasters is a San Diego-based merchandiser specializing in logo-adorned dtink coasters. The company reported the following balances in its unadjusted trial balance at December 1. The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpefual inventory accounts and the FIFO cost flow method: During December, the company entered into the following transactions. Some of these transactions are explained in greater detal below. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regulor supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 1.600 coasters on account on 12/3 at a unit price of $1.10 a Collected $990 from customers on occount on 12/4. e. Poid the supplier $1,410 cash on account on 12/18 f. Paid employees $470 on 12/23, of which $290 related to work done in November and $180 was for wages up to December 22 . g. Loaded 90 coasters on a cargo ship on 12/31 to be defivered the following week to a customer in Kona, Hawall. The sale was made FOB destination with terms of ni60 Other relevant information includes the following ot 12/31