Problem 4-5A (Algo) Part 44. Compute the current ratio, acid-test ratio, and gross margin ratlo as of January 31.Note: Round your answers to 2 decimal places.Current ratioAcid-test ratioGross margin ratio:181 CashMerchandise InventoryStore suppliesPrepaid InsuranceStore equipmentNELSON COMPANYthatjusted trial BalanceJanuary 31Accumulated depreciation-store equipmentAccounts payableCommon stockRetained earningsDividendsSalesSales discountsSales returns and allowancesCost of goods soldDepreciation expense-Store equipmentDebit$ 29,50012,5005,5002,60042,6002,1502,1002,10030,000.13,40013,400Credit.6,0006,000.9,800$ 185,650$ 19,15014,0004,00033,000Sales salaries expenseOffice salaries expenseInsurance expenseRent expense-Selling spaceRent expense-Office spaceStore supplies expenseAdvertising expenseTotalsAdditional Information:a. Store supplies still available at fiscal year-end amount to $1,900b. Expired Insurance, an administrative expense, is $1.550 for the fiscal yearc. Depreciation expense on store equipment, a selling expense, is $1,675 for the fiscal yeard. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It showsstill available at fiscal year-end115,500$ 185,650Problem 4-5A (Algo) Part 44. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31Note Rund uner answers to 7 decimal nlaces

The current ratio can be computed by dividing Total current assets by Total current liabilities. The…

Answered: 4. Compute the current ratio, acid-test…

4. Compute the current ratio, acid-test ratlo, and gross margin ratio as of January 31. Note: Round your answers to 2 decimal places. Current ratio Acid-test ratio Gross margin ratio

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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