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Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016. Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Credit Cash Petty Cash Fund Accounts Receivable Merchandise Inventory, 5/1/16 Store Supplies Office Supplies Prepaid Insurance $343,971 5,000 25,400 57,300 11,200 3,500 3,300 36,000 31,500 Land Forklift $900 155,000 Accumulated Depreciation, Forklift Delivery Truck Accumulated Depreciation, Delivery Truck Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings 1,550 94,000 1,900 24,900 123,800 396,100 4,100 Sales Revenue 265,600 Sales Discounts 615 Sales Returns and Allowances 5,500 176,000 Purchases Purchases Discounts 3,926 7,600 Purchases Returns and Allowances 2,140 31,900 8,200 950 460 Freight-in Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Cash Short & Over 16,000 750 900 1,400 300 90 Interest Expense 3,300 Interest Revenue 4,500 Totals $924,776 $924,776 Ending Merchandise Inventory = $62,000. Prepare the Multi-Step Income Statement. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your answers with commas.) Nicholas Company May 31, 2016 + Less : Sales Discounts + Sales Returns and Allowances Net Sales Cost of Goods Sold Merchandise Inventory, Beginning Purchases Less : Purchases Discounts Purchases Returns and Allowances $ + + + . + Interest Expense Interest Revenue Net Income / (Loss) Prepare a Classified Balance Sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Forklift and De ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) + $ $ : - - Prepare the Closing Entries for Nicholas Company. (Credit account titles are automatically indented when the amount is entered. Do not indent man when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Debit Credit Date Account Titles and Explanation 2016 May 31 + (To cose beginning inventory and other income statement accounts with debit balances) 31 (To record the ending inventory and close the other income statement accounts with credit balances) 31 (To close beginning inventory and other income statement accounts with debit balances) 31 + + (To record the ending inventory and close the other income statement accounts with credit balances) 31 (To close the income summary account) 31 (To close the drawings account) Prepare a Post-Closing Trial Balance. (Do not list those accounts that have zero ending balance. Do not use dollar signs ($) when entering amount numbers reflected in your final answers, you must enter your answers with commas.) 4 Debit Credit 4 $ Totals
