Required information The following information applies to the questions displayed below) Music-is-Us, Inc, is a supplier of musical instruments for professional and amateur musicians. The company's accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term liabilities The company has provided the following trial balance dated December 31, 2021 MUSIC-IS-US, INC TRIAL BALANCE DECEMBER 31, 2021 Cash at bank $ 48,000 Marketable securities 28,000 Accounts receivable 133,000 Allowance for doubtful accounts 5 5,500 Merchandise inventory 253,000 Office supplies 1,800 Prepaid insurance 6,160 Building and fixtures 1,793,000 Accumulated depreciation 797, Bee Land 72,800 Accounts payable 62,000 Unearned customer deposits 7,100 Income taxes payable 73,000 Capital stock 910,000 Retained earnings 239,200 Unrealized holding gain on investnents 5,900 Sales 1,718,920 Cost of goods sold 958,000 Bank service charges 168 Uncollectible accounts expense 8,600 Salary and wages expense 390,000 Office supplies expense 400 Insurance expense 5,800 Utilities expense 2,900 Depreciation expense 44,000 Income tax expense 73,000 $3,818,620 53,818,620 Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $49,980. Included with the bank statement was a $2,100 check from logy Smarts, a professional musician, charged back to Music-Is-Us as NSF. The bank's monthly service charge was $20. Three checks written by Music Is Us to suppliers of merchandise inventory had not yet cleared the bank for that Thanin En C4 Cochon Other information pertaining to the company's trial balance is provided as follows. 1. The most recent bank statement reports a balance of $49,980, included with the bank statement was a $2,100 check from Iggy Smarts, a professional musician, charged back to Music-is-Us as NSF. The bank's monthly service charge was $20. Three checks written by Music-Is-Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no.508, $4,000: no. 511 , $9,100; and no. 521. $7,800, Deposits of $16.800 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month. 2. Music-Is-Us has a portfolio of marketable securities that originally cost $22,000. As of December 31, the market value of these securities was $30,100. All short-term investments are classified as "avallable for sale." 3. During December, $6,300 of accounts recelvable were written off as uncollectible. A recent aging of the company's accounts receivable led management to conclude that an allowance for doubtful accounts of $7,900 is needed at December 31, 2021. 4. The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,100. This amount is not considered significant relative to the total cost of inventory on hand. 5. At December 31, approximately $870 in office supplies remained on hand. 6. The company pays for its Insurance policies 12 months in advance. Its most recent payment was made on November 1 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months. 7. Depreciation expense related to the company's building and fixtures is $4,000 for the month ending December 31, 2021 8. Although Music-Is-Us carries an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled "Unearned Customer Deposits." As of December 31, $4,000 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in Inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to uneared customer deposits and an increase in sales. 9. Accrued income taxes payable for the entire year ending December 31, 2021, total $82,000. No income tax payments are due until early in 2022 m. Using the financial statements prepared in part k, determine approximately how many days on average an item of merchandise remains in stock before it is sold. You may assume that the company's ending merchandise inventory balance on December 31 is a close approximation of its average merchandise Inventory balance throughout the year. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number.) Numerol day