The Darby's lamp company (DLC), owned by Jenna darbys, is a Wholesale company that purchases lamps from the manufacturer and resells them to retail stores.

requirements (1-11)

trail balance sept. 30, 2018

merchindise inventory as of sept. 30 consists of the following lamps

during the fourth quarter of 2018, DLC completed the following transactions

TED Talk Find the serial numb... Course Home Do Homework-cha. 1 of 1 (0 complete) i Requirements - X s a wholesa sists of the bntory.) d the follow Dening balar a zero bala unts Payab 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 using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27. 3. Record the transactions in the general journal. 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, $38,500 (60% selling, 40% administrative). b. Supplies on hand: office, $270; warehouse, $420. C. A physical inventory account resulted in the following counts: desk lamps. 985; table lamps, 5,488; and floor lamps, 15,500. 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: (Click the icon to view the format.) ys, Capital s, Withdrav 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 Darbys Lamp Company's 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 Print Done as and then Clear All DAR 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 Darbys Lamp Company's 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. Print Done Clear All 6 Data Table Trial Balance September 30, 2018 Balance Debit Credit 468,000 Account Cash Accounts Receivable Merchandise Inventory Office Supplies Warehouse Supplies Land Building Office Furniture and Equipment Warehouse Fixtures Accumulated Depreciation Accounts Payable Darbys, Capital Darbys, Withdrawals Sales Revenue Cost of Goods Sold 129,400 320 340 10,000 710,000 128,000 240,000 215,600 512,300 2,378,660 1,072,500 DOO Print Done parts emaining UGGOIVOTU 2,378,660 1,072,500 195,000 31,000 Cost of Goods Sold Salaries Expense-Selling Utilities Expense-Selling Supplies ExpenseSelling Depreciation Expense/Selling Salaries Expense-Administrative Utilities Expense-Administrative Supplies Expense-Administrative Depreciation Expense-Administrative 92,000 30,000 $ 3,106,560 $ 3,106,560 Total Print Done parts remaining ents. GOD with a balance nombor 20.000 Abh Data Table Item Desk Lamp Table Lamp Quantity Unit Cost 1,800 $ 12 $ 2,500 $ 2,200 $ Total Cost 21,600 55,000 59 800 Floor Lamp 24 129,400 Total Print Done Chec 0 More Info Oct. 1 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 2,500 desk lamps at $10 each 8,000 table lamps at $21 each 5,500 floor lamps at $29 each 12 Sold lamps on account to Gala Home Furnishings, terms 1/10, 1/30: 3,500 table lamps at $47 each 15 Sold lamps on account to Dacula Office Supply, terms 2/10, 1/30: 600 desk lamps at $24 each 20 Received a check from Gala Home Furnishings for full amount owed on Oct. 12 sale. 23 Received a check from Dacula Office Supply for full amount owed on Oct. 15 sale. 28 Sold lamps on account to Avenue Home Stores, terms 2/10, 1/30: 4,500 table lamps at $47 each 1,400 floor lamps at $69 each 30 Paid amount due to Carpathian Lights from Oct. 1 purchase. 31 Paid salaries, $45,000 (60% selling, 40% administrative). 31 Paid utilities, $2,400 (60% selling, 40% administrative). Nov. 1 Sold lamps on account to Dacula Office Supply, terms 3/10, 1/30: 1,400 desk lamps at $24 each 5 Purchased lamps on account from Carpathian Lights, terms n/30, FOB destination: 2,500 desk lamps at $12 each 10,500 table lamps at $22 each 11,000 floor lamps at $31 each Print Done parts remaining omework: Unit II Project re: 0 of 50 pts More Info 10,500 table lamps at $22 each 11,000 floor lamps at $31 each 5 Received a check from Avenue Home Stores for full amount owed on Oct. 28 sale. 8 Received a check from Dacula Office Supply for full amount owed on Nov. 1 sale. 10 Purchased and paid for supplies: $250 for the office: $480 for the warehouse 15 Sold lamps on account to Thompson Office Supply, 1/30: 1,900 desk lamps at $24 each 18 Sold lamps on account to Focal Discount Stores, terms 1/10, n/30: 1,900 table lamps at $47 each 1,800 floor lamps at $69 each 28 Received a check from Focal Discount Stores for full amount owed on Nov. 18 sale. 30 Paid salaries, $45,000 (60% selling, 40% administrative). 30 Paid utilities, $2,370 (60% selling, 40% administrative), Dec. 5 Paid amount due to Carpathian Lights from Nov. 5 purchase. 15 Received a check from Thompson Office Supply for full amount owed on Nov. 15 sale. 15 Darbys withdrew $35,000 from the business. 27 Sold lamps on account to Gala Home Furnishings, terms 1/10, 1/30: 1,900 desk lamps at $24 each 5,600 table lamps at $47 each 31 Paid salaries, $45,000 (60% selling, 40% administrative). 31 Paid utilities, $3,600 (60% selling, 40% administrative). Print Done parts company that purchases lamps from the Merchandise Inventory as of September 30 E: (Click the icon to view the Merchandise During the fourth quarter of 2018, DLC comp i (Click the icon to view the transactions). Read the requirements. Las of Santambar 30 2018 (Enter a "0" on the normal side of th e A More Info The company has three inventory items: desk lamps, table lamps, and floor lamps. DLC uses a perpetual inventory system, FIFO method. DLC owns 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 building, DLC also owns office furniture and equipment and warehouse fixtures. The company uses one accumulated depreciation account for all the depreciable assets. Print Done k Check Answer Clear All