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 Unadjusted Trial Balance January 31, 2017
	Debit			Credit
Cash	$	43,000
Merchandise inventory		13,000
Store supplies		5,000
Prepaid insurance		2,700
Store equipment		42,600
Accumulated depreciationStore equipment				$	16,400
Accounts payable					16,000
Common stock					3,600
Retained earnings					18,000
Dividends		2,000
Sales					144,150
Sales discounts		2,050
Sales returns and allowances		2,200
Cost of goods sold		38,000
Depreciation expenseStore equipment		0
Salaries expense		26,300
Insurance expense		0
Rent expense		12,000
Store supplies expense		0
Advertising expense		9,300
Totals	$	198,150		$	198,150

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:

1. Store supplies still available at fiscal year-end amount to $2,050.
2. Expired insurance, an administrative expense, for the fiscal year is $1,700.
3. Depreciation expense on store equipment, a selling expense, is $1,500 for the fiscal year.
4. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,200 of inventory is still available at fiscal year-end.

Required 1 Required 2 Required 3 Using the above information prepare adjusting journal entries: View transaction list Journal entry worksheet 1 2 3 4. Store supplies still available at fiscal year-end amount to $2,050. Note: Enter debits before credits. General Journal Transaction Debit Credit a. View general journal Record entry Clear entry Prepare a multiple- Required 2 tatement for fiscal year 2017. NELSON COMPANY Income Statement For Year Ended January 31, 2017 0 0 0 Expense Selling expenses Total selling expenses 0 General and administrative expenses Total general and administrative expenses 0 Prepare a single-step income statement for fiscal year 2017 NELSON COMPANY Income Statement For Year Ended January 31, 2017 Expenses Total expenses 0 Required 2 Required 3> Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2017. (Round your answers to 2 decimal places.) Current ratio 1 Acid-test ratio Gross margin ratio