Required information Problem 4-5A Preparing adjusting entries and income statements; computing gross margin, acid-test, and current...
Required information
Problem 4-5A Preparing adjusting entries and income statements; computing gross margin, acid-test, and current ratios LO A1, A2, P3, P4
[The following information applies to the questions
displayed below.]
The following unadjusted trial balance is prepared at fiscal
year-end for Nelson Company.
| NELSON COMPANY Unadjusted Trial Balance January 31, 2017 |
|||||
| Debit | Credit | ||||
| Cash | $ | 1,000 | |||
| Merchandise inventory | 12,500 | ||||
| Store supplies | 5,800 | ||||
| Prepaid insurance | 2,400 | ||||
| Store equipment | 42,900 | ||||
| Accumulated depreciation—Store equipment | $ | 15,250 | |||
| Accounts payable | 10,000 | ||||
| Common stock | 5,000 | ||||
| Retained earnings | 27,000 | ||||
| Dividends | 2,200 | ||||
| Sales | 111,950 | ||||
| Sales discounts | 2,000 | ||||
| Sales returns and allowances | 2,200 | ||||
| Cost of goods sold | 38,400 | ||||
| Depreciation expense—Store equipment | 0 | ||||
| Salaries expense | 35,000 | ||||
| Insurance expense | 0 | ||||
| Rent expense | 15,000 | ||||
| Store supplies expense | 0 | ||||
| Advertising expense | 9,800 | ||||
| Totals | $ | 169,200 | $ | 169,200 | |
Rent expense and salaries expense are equally divided between
selling activities and general and administrative activities.
Nelson Company uses a perpetual inventory system.
Additional Information:
- Store supplies still available at fiscal year-end amount to $1,750.
- Expired insurance, an administrative expense, for the fiscal year is $1,400.
- Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year.
- To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end.
Problem 4-5A Part 4
4. Compute the current ratio, acid-test ratio,
and gross margin ratio as of January 31, 2017. (Round your
answers to 2 decimal places.)
Homework Answers
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Required information
Problem 4-5A Preparing adjusting entries and income statements;
computing gross margin, acid-test, and current...
Problem 4-5A Preparing adjusting entries and income statements; computing gross margin, acid-test, and current ratios LO...
Problem 4-5A Preparing adjusting entries and income statements; computing gross margin, acid-test, and current ratios LO A1, A2, P3, P4 [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 1,000 Merchandise inventory 12,500 Store supplies 5,800 Prepaid insurance 2,400 Store equipment 42,900 Accumulated depreciation—Store equipment $ 15,250 Accounts payable 10,000 Common stock 5,000...
GL04-03 - Based on Problem 4-5A Nelson Company LO C2, P3 The fiscal year end unadjusted...
GL04-03 - Based on Problem 4-5A Nelson Company LO C2, P3 The fiscal year end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2017, follow. a. Store supplies still available at fiscal year-end amount to $1.750. b. Expired insurance, an administrative expense,...
Required Information [The following information applies to the questions displayed below.] The following unadjusted trial balance...
Required Information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company NELSON COMPANY Unadjusted Trial Balance January 31, 2018 Credit Debit $ 7,899 14,500 5,790 2,300 43,eae $ 17,700 17.809 3,200 16,000 2,100 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment...
perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries...
perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit $ Debit 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales...
4-5 The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY...
4-5 The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 32,550 Merchandise inventory 14,000 Store supplies 5,600 Prepaid insurance 2,300 Store equipment 42,900 Accumulated depreciation—Store equipment $ 18,000 Accounts payable 17,000 Common stock 3,200 Retained earnings 16,000 Dividends 2,050 Sales 141,750 Sales discounts 1,850 Sales returns and allowances 2,200 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 29,000 Insurance expense 0...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 46,550 Merchandise inventory 13,000 Store supplies 5,500 Prepaid insurance 2,800 Store equipment 42,600 Accumulated depreciation—Store equipment $ 19,800 Accounts payable 16,000 J. Nelson, Capital 18,000 J. Nelson, Withdrawals 2,250 Sales 153,600 Sales discounts 2,000 Sales returns and allowances 2,200 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 27,100 Insurance expense 0 Rent...
Please help with 1-3. Thanks Credit NELSON COMPANY Unadjusted Trial Balance January 31 Debit $ 1,000...
Please help with 1-3. Thanks
Credit NELSON COMPANY Unadjusted Trial Balance January 31 Debit $ 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 32,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals...
4-5 The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY...
4-5 The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit Cash $ 31,200 Merchandise inventory 14,500 Store supplies 5,200 Prepaid insurance 2,800 Store equipment 42,600 Accumulated depreciation—Store equipment $ 16,000 Accounts payable 13,000 Common stock 3,800 Retained earnings 19,000 Dividends 2,100 Sales 141,750 Sales discounts 1,900 Sales returns and allowances 2,050 Cost of goods sold 38,000 Depreciation expense—Store equipment 0 Salaries expense 27,800 Insurance expense 0...
i need help solving this problem! Required information [The following information applies to the questions displayed...
i need help solving this problem!
Required information [The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 25,050...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
GL04-03 - Based on Problem 4-5A Nelson Company LO C2, P3 The fiscal year end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2017, follow. a. Store supplies still available at fiscal year-end amount to $1.750. b. Expired insurance, an administrative expense,...
Required Information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company NELSON COMPANY Unadjusted Trial Balance January 31, 2018 Credit Debit $ 7,899 14,500 5,790 2,300 43,eae $ 17,700 17.809 3,200 16,000 2,100 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment...
perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit $ Debit 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales...
Please help with 1-3. Thanks
Credit NELSON COMPANY Unadjusted Trial Balance January 31 Debit $ 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 32,000 2,200 111,950 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals...
i need help solving this problem!
Required information [The following information applies to the questions displayed below.) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 25,050...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense-Store Equipment, Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 13,500 14,000 5,900 2,200 42,800 $ 17,000 13,000 3,000 31,000 2,000 115,850 Cash Merchandise inventory Store supplies Prepaid...
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