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Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lewis Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $6,400 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. Compute the following ratios as of January 31, 2021. Note: Round each ratio to 2 decimal places. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. Prepare a classified balance sheet as of January 31, 2021. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Safari File Edit View History Bookmarks Window Help Grades for Ja... Many PR exp... Many PR exp... AACC Sign in to you... Assignments:... M Question 1 -... Saved 1 50 points eBook Print References January 31 64,000 \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 11,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 28,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 117,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales returns and allowances } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 3,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 30,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 10,100 \\ \hline \end{tabular} Help Save \& Exit Submit Check my work \begin{tabular}{l|l|r} January 31 & 28,800 \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 30 & & & 6,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 4,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 3,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of goods sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 35,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 12,000 \\ \hline \end{tabular} acbook - Google Search tes! (i) eview our Honor Code to or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Journal entry worksheet 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. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Note: Enter debits before credits. tes! (i) eview our Honor Code to or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Note: Enter debits before credits. General Ledger Account or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Note: Enter debits before credits. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $6,400 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. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Lewis Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $6,400 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. Compute the following ratios as of January 31, 2021. Note: Round each ratio to 2 decimal places. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. Prepare a classified balance sheet as of January 31, 2021. Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. 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. Begin by selecting "Adjusted" from the drop-down below. Then, use the adjusted trial balance to prepare a multiple-step income statement. Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Safari File Edit View History Bookmarks Window Help Grades for Ja... Many PR exp... Many PR exp... AACC Sign in to you... Assignments:... M Question 1 -... Saved 1 50 points eBook Print References January 31 64,000 \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 11,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 28,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 117,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales returns and allowances } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 3,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Salaries expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 30,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 10,100 \\ \hline \end{tabular} Help Save \& Exit Submit Check my work \begin{tabular}{l|l|r} January 31 & 28,800 \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 30 & & & 6,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 4,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales discounts } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 3,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cost of goods sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 35,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rent expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 31 & & & 12,000 \\ \hline \end{tabular} acbook - Google Search tes! (i) eview our Honor Code to or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Journal entry worksheet 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. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Journal entry worksheet Depreciation expense on store equipment, a selling expense, is $6,400 for the fiscal year. Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Note: Enter debits before credits. tes! (i) eview our Honor Code to or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Note: Enter debits before credits. or transactions 1-4 prepare the required adjusting journal entries. For transactions 58, prepare the required closing entries Note: Enter debits before credits. General Ledger Account or transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries Note: Enter debits before credits. Descriptions of items that require adjusting entries on January 31,2019 , follow. a. Store supplies still available at fiscal year-end amount to $2,000. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $6,400 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. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries