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Required 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 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. categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 7.000 15,000 5,900 2,700 42,900 $17.400 17.000 16.000 2.000 114.750 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation Store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals 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 2,100 2,050 38,000 12200 12700 6,500 6.500 9.100 $165,150 $165, 150 Additional Information: a. Store supplies still available at fiscal year-end amount to $2,100. b. Expired insurance, an administrative expense, for the fiscal year is $1,650. Depreciation expense on store equipment, a selling expense, is $1,625 for the fiscal year, d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,400 of inventory is still available at fiscal year-end. Credit Debit $ 7.000 15,000 5,900 2,700 42,900 $ 17,400 17,000 16,000 2,000 114,750 Cash Merchandise inventory Store Supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable J. Nelson, Capital J. Nelson, Withdrawals 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 2.100 2,050 38,000 12,700 12,700 6,500 6,500 9.100 $165,150 $165,150 Additional Information: fiscal year-end on the fiscal year is s et the fiscal year. a. Store supplies still available at fiscal year-end amount to $2,100. b. Expired insurance, an administrative expense, for the fiscal year is $1,650. c. Depreciation expense on store equipment, a selling expense, is $1,625 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,400 of inventory is still available at fiscal year-end. 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31. (Round your answers to 2 decimal places. Current ratio Acid-test ratio Gross margin ratio
