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The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.
|Accumulated depreciation- Store equipment||$ 15,250|
|J. Nelson, Capital||32,000|
|Sales returns and allowances||2,200|
|Cost of goods sold||38,400|
|Depreciation expense-store equipment||0|
|Store supplies expense||0|
Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Nelson Company uses a perpetual inventory system.
- Prepare adjusting journal entries to reflect each of the following: a. Store supplies still available at fiscal year-end amount to . b. Expired insurance, an administrative expense, for the fiscal year is . c. Depreciation expense on store equipment, a selling expense, is for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows of inventory is still available at fiscal year-end.
- Prepare a multiple-step income statement for fiscal year 2015 .
- Prepare a single-step income statement for fiscal year 2015 .
- Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2015. (Round ratios to two decimals.)
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