5 GL0403 (Algo) - Based on Problem 4-5A LO C1, P3 ook The fiscal year-end unadjusted trial balance for Martin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administ Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,300. b. Expired Insurance, an administrative expense, for the fiscal year is $1,620. c. Depreciation expense on store equipment, a selling expense, Is $6,000 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,430 of invent fiscal year-end. -int ences Ratios to: Jan 3 Requirement General General Trial Balance Multiple Step Single Step Is Balance Sheet Journal Ledger Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal places. Dates: Jan 31 Current ratio Acid-test ratio Gross margin ratio The fiscal year-end unadjusted trial balance for Martin Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and a Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2020, follow. a. Store supplies still available at fiscal year-end amount to $2,300. b. Expired insurance, an administrative expense, for the fiscal year is $1,620. c. Depreciation expense on store equipment, a selling expense, is $6,000 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,430 of fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Rati es A single-step income statement yields the same net income, but does not show the same level of detail/sub multiple-step income statement. Use the information from the multiple-step income statement to cor single-step income statement below. Adjusted Martin Company Income Statement For Year Ended January 31, 2020 Revenues: S 115,400 $ Net sales Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Net income 47.430 42,720 24,020 114,170 1,230 $ 6 5 Dints Adjusted Martin Company Income Statement For Year Ended January 31, 2020 Sales Sales discounts Sales returns and allowances 123,000 5 3.700 3.900 eBook Print 115,400 47 430 + 67.970 -ferences Net sales Cost of goods sold Gross profit Operating expenses Selling expenses Depreciation expense - Store equip. Store supplies expense Advertising expense Rent expense Salaries expense Insurance expense Total selling expenses General and administrative expenses Insurance expense Rent expense Salaries expense 6,000 2,300 10,400 6,400 16.000 1,620 42.720 1,620 6,400 16,000 24,020 Total general and administrative expenses Total operating expenses Net income 66,740 1,230 $ Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Post-closing Dates: Jan 31 to: Jan 31 Martin Company Trial Balance January 31, 2020 Account Title Debit Credit Cash 14,800 Merchandise inventory 670 Store supplies 4,600 Prepaid insurance 980 Store equipment 60,000 Accumulated depreciation - Store equip. 33,000 Accounts payable 12,200 Common stock 7.200 Retained earnings 28,050 Total 81,050 $ 81,050