Prepare a multiple-step income statement for fiscal year 2017.

NELSON COMPANY
Income Statement
For Year Ended January 31, 2017
Expense
Selling expenses
Total selling expenses
General and administrative expenses
Total general and administrative expenses
Total expenses

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Prepare a single-step income statement for fiscal year 2017.

NELSON COMPANY
Income Statement
For Year Ended January 31, 2017
Expenses
Total expenses

NELSON COMPANY Unadjusted Trial Balance January 31, 2017 Debit Credit 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 Salaries expense Insurance expense Rent expense Store supplies expense Advertising expense Totals $ 1,000 12,500 5,800 2,400 42,900 $ 15,250 10,000 5,000 27,000 2,200 111,950 2,000 2,200 38,400 35,000 15,000 9,800 $169,200 $169,200 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system Additional Information: a. Store supplies still available at fiscal year-end amount to $1,750 b. Expired insurance, an administrative expense, for the fiscal year is $1,400 c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end Required: 1. Using the above information prepare adjusting journal entries 2. Prepare a multiple-step income statement for fiscal year 2017 3. Prepare a single-step income statement for fiscal year 2017