see 540 640 se 300 e College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash $ 9,400 Accounts Receivable 1,980 Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable 1,400 Salaries and wages Payable Income Taxes Payable Common Stock 5,980 Retained Earnings 2,700 Sales Revenue 15,56 Cost of Goods Sold 8,810 Rent Expense 990 Salaries and wages Expense 1,8ee Depreciation Expense Incone Tax Expense Office Expense 1,200 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 perpetual 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 detall below 90 Purchased 400 coasters on account from the regular supplier on 12/11 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55. with terms of n/60 c Sold 2.000 coasters on account on 12/3 at a unit price of $110. d. Collected $850 from customers on account on 12/4 e Pald the supplier $1.500 cash on account on 12/18 Pald employees $440 on 12/23, of which $260 related to work done in November and $180 was for wages up to December 22 9. Loaded 80 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawalt. The sale was made FOB destination with terms of n/60 Other relevant information includes the following at 12/31 n College Coasters has not yet recorded $160 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded I Wages for the period from December 23-31 are $100 and will be paid on January 15. k The $540 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 Barmant General General oil Balance Income Asantech Ansel Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances, Unadjusted General Ledger Account Cash No. Debit Date December 01 Credit Accounts Receivable Debit Credit No. Balance 9,400 Date December 01 Balance 1.980 Inventory Debit Credit Prepaid Rent Debit No. Credit No. Date December 01 1 December 01 Balance 500 708 Date December 01 Balance 540 208 Equipment Debit No. Date December 01 Credit No. Balance 640 Accumulated Depreciation Equipment Date Debit Credit December 01 Balance 90 Accounts Payable Debit Credit No. No. Date December 01 1 December 01 Balance 1,400 1 608 Salaries and Wages Payable Date Debit Credit December 01 Balance 300 208 Common Stock No. Debit Date December 01 Retained Earnings Debit Credit Credit No. Balance 5.900 Date December 01 Balance 2700 Sales Revenue No. Debit Cost of Goods Sold Debit Credit Date December 01 Credit No Balance 15 560 Date December 01 Balance 8,810 Depreciation Expense Debit Credit No. Date December 01 Office Expenses Debit Credit No. Balance 90 Date December 01 Balance 1.200 Rent Expense No. Debit Credit Date December 01 No. Balance 990 Salaries and Wages Expense Date Debit Credit December 01 Balance 1,800 *** n. The company did not declare dividends and there were no transactions involving common stock. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Debit . Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted COLLEGE COASTERS Trial Balance December 31, 2021 Account Title Credit Cash s 9,400 Accounts Receivable 1.980 Inventory 708 Prepaid Rent 540 Equipment 640 Accumulated Depreciation-Equipment 90 Accounts Payable 1.608 Salaries and Wages Payable 300 Common Stock 5,900 Retained Earings 2.700 Sales Revenue 15,560 Cost of Goods Sold 8,810 Depreciation Expense 90 Office Expenses 1,200 Rent Expense 990 Salaries and Wages Expense 1,800 Total 1S 26,153 S 26,158 D D Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 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 loss for the year ended December 31. Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 $ 0 0 $ 0 0 0 0 0 0 $ 0 0 0 Prev here to search a I D Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 0 0 0 0 0 0 0 0 0 0 0 $ s 0 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $500 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell times per year days