Lily Company's balance sheet at December 31, 2021, is presented below. LILY COMPANY Balance Sheet December 31, 2021 Cash $33,000 Accounts Payable $15,125 Inventory 33,825 Interest Payable 275 Prepaid Insurance 6,600 Notes Payable 55,000 Equipment 41,800 Owner's Capital 44,825 $115,225 $115,225 During January 2022, the following transactions occurred. (Lily Company uses the perpetual inventory system.) 1. 2. Lily paid $275 interest on the note payable on January 1, 2022. The note is due December 31, 2023. Lily purchased $287,210 of inventory on account. 3. Lily sold for $484,000 cash, inventory which cost $291,500. Lily also collected $31,460 in sales taxes. 4. Lily paid $253,000 in accounts payable. 5. Lily paid $18,700 in sales taxes to the state. 6. Paid other operating expenses of $33,000. 7. On January 31, 2022, the payroll for the month consists of salaries and wages of $78,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $9,820 federal income taxes are withheld. The salaries and wages are paid on February 1. Adjustment data: 8. Interest expense of $275 has been incurred in January on the notes payable. 9. The insurance for the year 2022 was prepaid on December 31, 2021. 10. 11. The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $2,200 salvage value. Employer's payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax. (a) Your answer is partially correct. Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Interest Payable Cash

Presented below is information related to Blossom Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $20,400 Insurance expense $12,700 Ending inventory actually on hand 18,700 Rent expense 20,300 Cost of goods sold 210,000 Salaries expense 54,700 Freight out 6,000 Sales discounts 9,700 Sales returns and allowances 12,800 Sales 368,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount (To adjust ending inventory to actual at year…

Current Attempt in Progress At December 31,2022, the following information (in thousands) was available for Swifty Inc: ending inventory $22.200; beginning inventory $21.800; cost of goods sold $180.400, and sales revenue $435,000. Calculate the inventory turnover and days in inventory for Swity. (Round answers to 1 decimal places, e.g. 15.2. Use 365 days for calculation.) times Inventory turnover Days in inventory days

Early in 2022, Pharoah Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below. Sales Cost of goods sold Beginning inventory Ending inventory Inventory turnover 2021 $3,115,000 1,260,800 Days in inventory 175,000 219,000 2022 $3,711,000 1,428,700 Determine the inventory turnover and days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 12.5.) 2021 219,000 95,000 I days 2022 days