The following unadjusted trial balance is prepared at fiscal year-end for Helix Company....

The following unadjusted trial balance is prepared at fiscal year-end for Helix Company.

Rent expense and salaries expense are equally divided between selling activities and the general and administrative

activities. Helix Company uses a perpetual inventory system.

Required

1. Prepare adjusting journal entries to reflect each of the following:

a. Store supplies still available at fiscal year-end amount to $2,550.

b. Expired insurance, an administrative expense, for the fiscal year is $1,450.

c. Depreciation expense on store equipment, a selling expense, is $1,975 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.

2. Prepare a multiple-step income statement for fiscal year 2009.

3. Prepare a single-step income statement for fiscal year 2009.

4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2009.