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The fiscal year-end unadjusted trial balance for Walker Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Walker 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 $2.050. b. Expired insurance, an administrative expense, for the fiscal year is $1,520. c. Depreciation expense on store equipment, a selling expense, is $6,500 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. Requirement General Journal General Ledger Trial Balance Multiple Step Single Step Is Balance Sheet IS Ratios For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list View journal entry worksheet ... No Date Account Title Debit Credit 1 January 31 Store supplies expense 4.100 Store supplies 4,100 2 2 January 31 1.520 Insurance expense Prepaid insurance 1.520 3 3 January 31 6.500 Depreciation expense - Store equip. Accumulated depreciation - Store equip 6.500 4 January 31 630 Cost of goods sold Merchandise inventory 630 5 5 January 31 Sales 118.000 Income summary 118.000 6 January 31 Income summary 107.100 3.500 3.700 35.630 30.000 Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense Store supplies expense Insurance expense Depreciation expense - Store equip. 12.000 10.150 4,100 1.520 6.500 7 January 31 10.900 Income summary Retained earnings 10.900 8 January 31 4.300 Retained earnings Dividends 4,300 Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios 2 tttttttt The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Unadjusted Dates: January 31 to: January 31 Walker Company Trial Balance January 31, 2021 Account Title Debit Credit Cash S 10.750 Merchandise inventory 10.500 Store supplies 6.150 Prepaid insurance 2,400 Store equipment 65,000 Accumulated depreciation - Store equip. 29.250 Accounts payable 11.200 Common stock 6.200 Retained earnings 28.800 Dividends 4,300 Sales 118.000 Sales discounts 3.500 Sales returns and allowances 3,700 Cost of goods sold 35.000 Salaries expense 30.000 Rent expense 12.000 Advertising expense 10.150 Total S 193,450 $ 193,450 The fiscal year-end unadjusted trial balance for Walker Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Walker 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 $2.050. b. Expired insurance, an administrative expense, for the fiscal year is $1,520. c. Depreciation expense on store equipment, a selling expense, is $6,500 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. Requirement General Journal General Ledger Trial Balance Multiple Step Single Step Is Balance Sheet IS Ratios 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. Unadjusted Walker Company Income Statement For Year Ended January 31, 2021 Sales s 118,000 Sales discounts S 3,500 3.700 Sales returns and allowances Net sales 110.800 35,000 75,800 Cost of goods sold Gross profit Operating expenses Selling expenses Advertising expense Depreciation expense - Store equip. Rent expense * 10,150 0 0 6.000 Salaries expense Store supplies expense 15.000 0 31,150 Total selling expenses General and administrative expenses Insurance expense Salaries expense Rent expense 0 15,000 6,000 21,000 Total general and administrative expenses Total operating expenses Net income 52,150 S 23,650 The fiscal year-end unadjusted trial balance for Walker Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Walker 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 $2,050. b. Expired insurance, an administrative expense, for the fiscal year is $1,520. c. Depreciation expense on store equipment, a selling expense, is $6,500 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. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios Prepare a classified balance sheet as of January 31, 2021. Unadjusted Walker Company Balance Sheet January 31, 2021 Assets Current Assets S 0 0 0 0 0 Plant assets S 0 Total assets Liabilities and Equity Liabilities S 0 0 Equity s (4.300 (4,300) S (4.300) Total liabilities and equity The fiscal year-end unadjusted trial balance for Walker Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Walker 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 $2.050. b. Expired insurance, an administrative expense, for the fiscal year is $1,520. c. Depreciation expense on store equipment, a selling expense, is $6,500 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. Requirement General Journal General Ledger Trial Balance Multiple Step IS Single Step Is Balance Sheet Ratios Compute the following ratios as of January 31, 2021. Round each ratio to 2 decimal places. Dates: January 31 to: January 31 Current ratio Acid-test ratio Gross margin ratio