Chi Advertising expense Totals 9,209 $168,650 $168,650 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $1,525 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. Required: 1. Using the above information prepare adjusting journal entries: 2. Prepare a multiple-step income statement for fiscal year 2018 3. Prepare a single-step income statement for fiscal year 2018 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Prepare a multiple-step income statement for fiscal year 2018. NELSON COMPANY Income Statement For Year Ended January 31, 2018 Sales $ 115,400 S 2,000 2.150 4,150 Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses 111,250 39,000 72,250 $ 9 earch O e Chi Advertising expense Totals 9,209 $168,650 $168,650 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Additional Information: a. Store supplies still available at fiscal year-end amount to $2,400. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $1,525 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. Required: 1. Using the above information prepare adjusting journal entries: 2. Prepare a multiple-step income statement for fiscal year 2018 3. Prepare a single-step income statement for fiscal year 2018 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Prepare a multiple-step income statement for fiscal year 2018. NELSON COMPANY Income Statement For Year Ended January 31, 2018 Sales $ 115,400 S 2,000 2.150 4,150 Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses 111,250 39,000 72,250 $ 9 earch O e