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 Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals 5,800 2,200 42,600 Current ratio Acid-test ratio Gross margin ratio 2,150 1,950 2,100 38,000 0 14,400 14,400 :1 :1 0 6,500 6,500 0 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,050. b. Expired insurance, an administrative expense, is $1,450 for the fiscal year. :1 9,100 $184,850 c. Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. d. 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. $ 18,550 13,000 6,000 32,000 115,300 $ 184,850 . Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal places.)

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 Sales salaries expense Office salaries expense Insurance expense Rent expense-Selling space Rent expense-Office space Store supplies expense Advertising expense Totals 5,800 2,200 42,600 Current ratio Acid-test ratio Gross margin ratio 2,150 1,950 2,100 38,000 0 14,400 14,400 :1 :1 0 6,500 6,500 0 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,050. b. Expired insurance, an administrative expense, is $1,450 for the fiscal year. :1 9,100 $184,850 c. Depreciation expense on store equipment, a selling expense, is $1,575 for the fiscal year. d. 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. $ 18,550 13,000 6,000 32,000 115,300 $ 184,850 . Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal places.)

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Description: esNRequired 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 aperpetual inventory system. It categorizes the

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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Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
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Sales revenue Variable cost of goods sold Fixed cost of goods sold Gross profit Variable operating expenses Fixed operating expenses Common fixed costs Operating income (a) $1,360,000 Q Search Baseball V V 919,000 V 123,800 317,200 183,800 85,200 65,000 ($16,800) Soccer $3,900,000 2,535,000 $ 202,200 $ 1,162,800 624,000 91,000 139,000 Basketball $2,560,000 2,065,600 178,000 316,400 Baseball 256,000 78,900 104,900 $308,800 ($123,400) Doug is concerned that two of the company's divisions are showing a loss, and he wonders if the company should stop selling baseball and basketball gear to concentrate solely on soccer gear. Prepare a segment margin income statement. Fixed cost of goods sold and fixed operating expenses can be traced to each division (If the amount is negative then enter with a negative sign preceding the number, e.g.-5.125 or parenthesis, eg (5,125)) C $ Total $7,820,000 5,519,600 $ 504,000 F 1,796,400 1,063,800 255,100 308,900 $168,600 Soccer $ B:
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Sales Absorption Costing Income Statement Cost of Goods Sold: $ 1662500 Beginning Inventory $ Variable Costs Fixed Cost Less: Ending Inventory Cost of Goods Sold Administrative expense Net Income b. Calculate reported income for the bank. Do not use negative signs with any answers. Variable Costing Income Statement $ Sales Cost of Goods Sold: Beginning Inventory $ Variable Costs Variable cost of goods sold Fixed costs: Administrative Expense Total Fixed Cost Net Income ÷ $
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Subject: accounting
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