Thank you! requirements 4 & 6 more than the others.

What are you unable to see?

How can I make it so you are able to view it properly?

Comprehensive Problem for Chapters 5 and 6 LEM The Davis Lamp Company (DLC), owned by Jenny Davis, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC ons land with a building, which is separated into two parts office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses . All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and build ing, DLC also owns office furniture and equipment and warehouse fixtures. The com pany uses one accumulated depreciation account for all the depreciable assets, The trial balance for DLC as of September 30, 2018 follows: DAVIS LAMP COMPANY Trial Balance September 30, 2018 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Davis, Capital Davis, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Balance Debit Credit $ 457,000 0 126,000 275 350 20,000 780,000 125,000 260,000 $ 194,000 0 398,925 0 2,654,150 1,061,450 270,000 32,000 0 90,000 25,000 0 0 Supplies Expense-Administrative Depreciation Expense-Administrative Total $ 3,247,075 53,247,075 372 chapter Merchandise Inventory as of September consists of the following lampe Quantity Unit Cost Total Cost 2.500 $ 20,000 2.000 18 54,000 2,000 26 52.000 $ 126,000 Item Desk Lamp Table Lamp Floor Lamp Total During the fourth quarter of 2018, DLC completed the following transactions Oct. 1 Purchased lamps on account from Blue Ridge Lights terms 1/30, FOB destination: 5.000 desk lamps at 59 each 7.500 table lamps at 519 each 2.500 floor lamps at 525 each 12 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30 4,000 table lamps at $45 each 176400 w 20% 15 Sold lamps on account to Hiawassee Office Supply, Jerms 2/10, 1/30 1.000 desk Lamps at $20 each 16000 wl 20%. 20 Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale. 18 Ok? 23 Received a check from Hiawassee Office Supply for full amount owed on Oct. 15 sale. 20k? 28 Sold lamps on account to Parkway Home Stores, terms 2/10, 1/30: 3,500 table lamps at $45 each 1.500 floor lamps at $65 each 30 Paid amount due to Blue Ridge Lights from Oct. 1 purchase. 31 Paid salaries, 540,000 (75% selling 25% administrative) 31 Paid utilities, $2,500 (60% selling, 40% administrative) Nov. 1 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 3,000 desk lamps at $20 each 5 Purchased lamps on account from Blue Ridge Lights, terms 1/30, FOB destination: 5,000 desk lamps at $10 each 10,000 table lamps at $21 each 5,000 floor lamps at 527 each 5 Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. B Received a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale, 10 Purchased and paid for supplies: $325 for the office: $675 for the warehouse 15 Sold lamps on account to Anderson Office Supply, 1/30 2.000 desk lamps at $20 each 18 Sold lamps on account to Go-Mart Discount Stores, terms 1/10, 1/30 2,000 table lamps at $45 each 2,000 floor lamps at $65 each 28 Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. Merchandise Inventor 30 Paid salaries, 540,000 (75% selling 25% administrative) 30 Paid utilities, 52.670 (60% selling, 40% administrative) Dec. 5 Pald amount due to Blue Ridge Lights from No.5 purchase. 15 Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale. 15 Davis withdrew 550,000 from the business 27 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30 4,500 desk lamps at 520 each 5,000 table lamps at $45 each 31 Paid salaries, $40.000 (75% selling. 25% administrative). 31 Paid utilities, $3,200 (60% selling, 40% administrative) Requirements 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records wing the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general joumal. 4. Post transactions to the general ledger 5. Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger a. Depreciation, 548,500 (75% selling. 25% administrative) b. Supplies on hand: office, 5200; and warehouse, 5650. c. A physical inventory account resulted in the following counts: desklamps, 1,990, table lamps, 5,995, and floor lamps 6,000. Update the inventory records 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: Desk Lamps Number Dollar of lamps Amount Table Lamps Number Dollar of lamps Amount Floor Lamps Number Dollar of lamps Amount Beginning Balance Add: Purchases Less: COGS Ending Balance Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Davis Lamp Company multi-step income statement and statement of owner's equity for the year ended December 31, 2018, and a classified balance sheet as of December 31, 2018, 9. Calculate the following ratios for DLC as of December 31, 2018: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance. Comprehensive Problem for Chapters 5 and 6 LEM The Davis Lamp Company (DLC), owned by Jenny Davis, is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC ons land with a building, which is separated into two parts office space and warehouse space. All expenses associated with the office are categorized as Administrative Expenses . All expenses associated with the warehouse, which is used for the shipping and receiving functions of the company, are categorized as Selling Expenses. In addition to the land and build ing, DLC also owns office furniture and equipment and warehouse fixtures. The com pany uses one accumulated depreciation account for all the depreciable assets, The trial balance for DLC as of September 30, 2018 follows: DAVIS LAMP COMPANY Trial Balance September 30, 2018 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Davis, Capital Davis, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies Expense-Selling Depreciation Expense-Selling Salaries Expense-Administrative Utilities Expense-Administrative Balance Debit Credit $ 457,000 0 126,000 275 350 20,000 780,000 125,000 260,000 $ 194,000 0 398,925 0 2,654,150 1,061,450 270,000 32,000 0 90,000 25,000 0 0 Supplies Expense-Administrative Depreciation Expense-Administrative Total $ 3,247,075 53,247,075 372 chapter Merchandise Inventory as of September consists of the following lampe Quantity Unit Cost Total Cost 2.500 $ 20,000 2.000 18 54,000 2,000 26 52.000 $ 126,000 Item Desk Lamp Table Lamp Floor Lamp Total During the fourth quarter of 2018, DLC completed the following transactions Oct. 1 Purchased lamps on account from Blue Ridge Lights terms 1/30, FOB destination: 5.000 desk lamps at 59 each 7.500 table lamps at 519 each 2.500 floor lamps at 525 each 12 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30 4,000 table lamps at $45 each 176400 w 20% 15 Sold lamps on account to Hiawassee Office Supply, Jerms 2/10, 1/30 1.000 desk Lamps at $20 each 16000 wl 20%. 20 Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale. 18 Ok? 23 Received a check from Hiawassee Office Supply for full amount owed on Oct. 15 sale. 20k? 28 Sold lamps on account to Parkway Home Stores, terms 2/10, 1/30: 3,500 table lamps at $45 each 1.500 floor lamps at $65 each 30 Paid amount due to Blue Ridge Lights from Oct. 1 purchase. 31 Paid salaries, 540,000 (75% selling 25% administrative) 31 Paid utilities, $2,500 (60% selling, 40% administrative) Nov. 1 Sold lamps on account to Hiawassee Office Supply, terms 2/10, 1/30: 3,000 desk lamps at $20 each 5 Purchased lamps on account from Blue Ridge Lights, terms 1/30, FOB destination: 5,000 desk lamps at $10 each 10,000 table lamps at $21 each 5,000 floor lamps at 527 each 5 Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale. B Received a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale, 10 Purchased and paid for supplies: $325 for the office: $675 for the warehouse 15 Sold lamps on account to Anderson Office Supply, 1/30 2.000 desk lamps at $20 each 18 Sold lamps on account to Go-Mart Discount Stores, terms 1/10, 1/30 2,000 table lamps at $45 each 2,000 floor lamps at $65 each 28 Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale. Merchandise Inventor 30 Paid salaries, 540,000 (75% selling 25% administrative) 30 Paid utilities, 52.670 (60% selling, 40% administrative) Dec. 5 Pald amount due to Blue Ridge Lights from No.5 purchase. 15 Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale. 15 Davis withdrew 550,000 from the business 27 Sold lamps on account to Atlas Home Furnishings, terms 2/10, 1/30 4,500 desk lamps at 520 each 5,000 table lamps at $45 each 31 Paid salaries, $40.000 (75% selling. 25% administrative). 31 Paid utilities, $3,200 (60% selling, 40% administrative) Requirements 1. Open general ledger T-accounts and enter opening balances as of September 30, 2018 2. Open inventory records for the three inventory items and enter opening balances as of September 30, 2018. Complete the inventory records wing the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general joumal. 4. Post transactions to the general ledger 5. Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger a. Depreciation, 548,500 (75% selling. 25% administrative) b. Supplies on hand: office, 5200; and warehouse, 5650. c. A physical inventory account resulted in the following counts: desklamps, 1,990, table lamps, 5,995, and floor lamps 6,000. Update the inventory records 6. Prepare an adjusted trial balance. 7. Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: Desk Lamps Number Dollar of lamps Amount Table Lamps Number Dollar of lamps Amount Floor Lamps Number Dollar of lamps Amount Beginning Balance Add: Purchases Less: COGS Ending Balance Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error. 8. Prepare Davis Lamp Company multi-step income statement and statement of owner's equity for the year ended December 31, 2018, and a classified balance sheet as of December 31, 2018, 9. Calculate the following ratios for DLC as of December 31, 2018: gross profit percentage, inventory turnover, and days' sales in inventory. 10. Record and post the closing entries. 11. Prepare a post-closing trial balance