Question

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 $ 13,800 14,000 5,200 2,700 42,500 $ 19,700 17,000 3,200 16,000 2,200 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 Salaries expense Insurance expense Rent expense Store supplies expense Advertising expense Totals 116,450 2,050 2,200 38,000 0 26,200 0 14,000 0 9,500 $172,350 $172,350

Answer 1

Answer:
Nelson Comapany
Income Statement
for the year ended January 31, 2018
Particulars		Amount
Sales	$       1,16,450
Less: Sales Discount	$             2,050
Less: Sales Return and Allowances	$             2,200
Net sales		$       1,12,200
Cost of Goods Sold		$           41,500
Gross Profit		$           70,700
Expenses
Selling Expenses
Depreciation Expenses - Stores Equipment	$             1,550
sales Salaries Expenses	$           13,100
Rent Expenses - Selling Space	$             7,000
Store Supplies Expenses	$             2,850
Advertising Expenses	$             9,500
Total Seeling Expenses		$           34,000
General and administrative Expenses
Insurance expenses	$             1,650
Office Salaries Expenses	$           13,100
Rent Expenses - Office Space	$             7,000
Total General and Administrative Expenses		$           21,750
Total Expenses		$           55,750
Net Income		$           14,950
Nelson Comapany
Income Statement
for the year ended January 31, 2018
Sales		$       1,16,450
Expenses
Cost of Goods Sold	$           41,500
Sales Discount	$             2,050
Sales Return and Allowances	$             2,200
Depreciation Expenses - Stores Equipment	$             1,550
Salaries Expenses	$           26,200
Rent Expenses	$           14,000
Store Supplies Expenses	$             2,850
Advertising Expenses	$             9,500
Insurance expenses	$             1,650
Total Expenses		$       1,01,500
Net Income		$           14,950
Ratio's
Quick ratio   = (Current Assets - Inventory)/ Current Laibilities
Current Assets
Cash	13800
Merchandise Inventory	10500
Stores Supplies	2350
Prepaid Insurance	1050
Total Current Assets	27700
Quick Ratio = ($ 27700 - $ 10500)/ $ 17000
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