12 GLOS03. Based on Problem 5-5A LO C2, P3 po co The fiscal year-end un adjusted til balance for Gonzalez Company is found on the trial balance tab. Gonzalez Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense--selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow, a. Store supplies still available at hiscal year end amount to $1.950 b. Expired insurance, an administrative expense for the fiscal year is $1.480 c. Depreciation expense on store equipment, a seling expense, is $6,300 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,870 of inventory is still available at fiscal year-end Requirement General General Journal Multiple Step Trial Balance Ledger 15 Single Step 15 Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Journal entry worksheet 1 5 37 8 > a.) Store supplies still available at fiscal year-end amount to $1,950. Record the required adjusting entry, if any. house Du Jan 21 Ate Title Owhit Chen 12 www.nar fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Unadjusted Dates: Jan 31 to: Jan 31 book Gonzalez Company Trial Balance January 31, 2019 Account Title Credit Pin $ Debit 8.050 10,500 5,850 2.400 63.000 28,350 10,800 34,000 5.100 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equipment Accounts payable Du Gorulez. Capital M. Gonzalez. Withdrawal Sales Sales discounts Sales returns and allowances Cost of goods sold Office salaries expense Sales salaries expense Rent expense Office space Rent expense--Selling space Advertising expense Total 116,000 3.500 3.700 35,000 15,000 15.000 6,000 5,000 10.050 189,150 $ $ 189.150 Unadjusted Gonzalez Company Income Statement For Year Ended January 31 Prepare a classified balance sheet as of January 31. Unadjusted Gonzalez Company Balance Sheet January 31 Assets Current Assets 0 ces Plant assets Total assets Liabilities and Equity Liabilities Equity 28,900 Total liabilities and equity 28.900 Single Site Ratios to: Jan 31 General General Multiple Step Single Step is Balance Sheet Trial Balance Requirement Journal Ledger IS Compute the following ratlos as of January 31. Round each ratio to 2 decimal places. Dates: Jan 31 Current ratio Acid-test ratio Gros margin ratio
