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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 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, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 26,800 12,500 5,300 2,600 42,700 $ 19,900 13,000 5,000 30,000 2,250 115,300 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends 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 1,850 2,300 38,000 0 13,550 13,550 6,000 6,000 0 9,800 $183,200 $183,200 0 Required information Required 1 Required 2 Required 3 Prepare a multiple-step income statement for the year ended January 31. NELSON COMPANY Income Statement For Year Ended January 31 Sales Less: Sales discounts $ Less: Sales returns and allowances $ 115,300 (1,850) (2,300) Cost of goods sold Gross profit Expenses Selling expenses (4,150) 111,150 (40,000) 71,150 Total selling expenses 0 Prey 1 2. of 2 Saved Required information (40,000) 71,150 LOS O goous so Gross profit Expenses Selling expenses 0 Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 Prey 1 2 of 2 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 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, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Credit Debit $ 26,800 12,500 5,300 2,600 42,700 $ 19,900 13,000 5,000 30,000 2,250 115,300 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-store equipment Accounts payable Common stock Retained earnings Dividends 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 1,850 2,300 38,000 0 13,550 13,550 6,000 6,000 0 9,800 $183,200 $183,200 0 Required information Required 1 Required 2 Required 3 Prepare a multiple-step income statement for the year ended January 31. NELSON COMPANY Income Statement For Year Ended January 31 Sales Less: Sales discounts $ Less: Sales returns and allowances $ 115,300 (1,850) (2,300) Cost of goods sold Gross profit Expenses Selling expenses (4,150) 111,150 (40,000) 71,150 Total selling expenses 0 Prey 1 2. of 2 Saved Required information (40,000) 71,150 LOS O goous so Gross profit Expenses Selling expenses 0 Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 Prey 1 2 of 2