ch5-20

Check my GL0503 (Algo) - Based on Problem 5-5A LO A1, P3, P4 The fiscal year-end unadjusted trial balance for Wright Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Wright Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2021, follow. a. Store supplies still available at fiscal year-end amount to $2,650, b. Expired Insurance, an administrative expense, for the fiscal year is $1.760. c. Depreciation expense on store equipment, a selling expense, is $6.700 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $11,000 of Inventory is still available at fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios General Journal tab - Prepare any necessary adjusting entries. General Ledger tab. One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab General ledger software also automates the preparation of trial balancer. A tral balance lists each account from the General Ledger along with its balance, either a debit or a credit. Total debits should always equal total credits Multiple step Income Statement tab. Prepare a multiple step income statement. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing en View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 Jan 31 Store supplies expense Store supplies N Jan 31 Insurance expense Prepaid insurance 1.760 1,760 3 Jan 31 6,700 Depreciation expense - Store equip. Accumulated depreciation - Store equip 6.700 4 Jan 31 Cost of goods sold Merchandise inventory 5 Jan 31 Sales Income summary 6 Jan 31 Income summary Rent expense 3 Jan 31 Depreciation expense - Store equip. Accumulated depreciation - Store equip. 6,700 6,700 4 Jan 31 Cost of goods sold Merchandise inventory 5 5 Jan 31 Sales Income summary 6 Jan 31 Income summary Rent expense Advertising expense Store supplies expense Insurance expense Salaries expense Depreciation expense - Store equip 7 7 Jan 31 Income summary J. Nelson, Capital Requirement General Ledger Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial income statement. Rent expense and salaries expense are equally divided betu general and administrative activities. Post-closing + Wright Company Income Statement For Year Ended January 31, 2021 $ 0 S 0 0 Net sales 0 0 Gross profit 0 fiscal year-end. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Ba A single-step income statement yields the same net income, but does not show the sam multiple-step income statement. Use the information from the multiple-step income single-step income statement below. Post-closing $ 0 Wright Company Income Statement For Year Ended January 31, 2021 Revenues: Net sales Expenses: Cost of goods sold S Total selling expenses Total general and administrative expenses Total expenses Net income 0 0 0 0 Multiple Step IS Balance Sheet Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Prepare a classified balance sheet as of January 31, 2017. Post-closing Wright Company Balance Sheet January 31, 2021 Assets Current Assets $ 0 0 0 0 0 Plant assets $ Oo Total assets Liabilities and Equity Liabilities s OG DHA 1 $ 0 0 0 0 0 0 0 Plant assets $ 0 0 ces Total assets Liabilities and Equity Liabilities $ + S 0 0 Equity $ (6.200) Total liabilities and equity (6,200) (6,200) Single Stap is Ratio > Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal plaas. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step IS Balance Sheet Ratios Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal plaas. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio