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NELSON COMPANY Unadjusted Trial Balance January 31, 2018 Debit Credit $ 7,650 14,e00 5, 300 2,400 43,000 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 $ 16,200 16,000 3,280 16,800 2,150 115,100 1,900 2,200 38,000 27,800 13,60e 9,100 $166,500 $166, 580

a. Store supplies still available at fiscal year-end amount to $2,550. b. Expired insurance, an administrative expense, for the fiscal year is $1600. c. Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year-end.

d. To estimate shrinkage, a physical count of ending merchandise available at fiscal year-end Required: 1. Using the above information prepare adjusting journal entries: 2. Prepare a multiple-step income statement for fiscal year 2018. 3. Prepare a single-step income statement for fiscal year 2018. Complete this questions by entering your answers in the below Required 1 Required 2 Required 3

I need help making the single step income statement for fiscal year 2018 and I also need help coming help with the multiple step income please.

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Answer #1

Adjusting Journal entries: Date Accounts Title & Explanation 31-Jan-18 Store supplies expense (5300-2550) Debit $ Credit $ 2,Multiple-step income statement for the year 2018: Particulars Sales Amount Amount S 115,100 (1,900) (2,200) Less: Sales disco

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