Store supplies still available at fiscal year-end amount to 1 $3,200 2 Expired insurance, an administrative expense, for the fiscal year is $1,980 3 Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Record the entry to close income statement accounts with credit balances. Ln Record the entry to close income statement accounts 6 with debit balances. 7 Record the entry to close income summary Record the entry to close the withdrawals account. 8 The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Ledger Journal A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Unadjusted Nguyen Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Balance Sheet> Multiple Step IS The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Journal General Ledger Multiple Step Single Step IS Balance Sheet IS Requirement Trial Balance 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 Nguyen Company Income Statement For Year Ended January 31, 2019 Trial Balance > Single Step IS The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Ledger Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 3 1 2 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $3,200 Note: Enter debits before credits Account Title Date Debit Credit Jan 31 Record entry Clear entry View general journal General Ledger Requirement The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Ledger Multiple Step Sinale Step IS Balance Sheet IS General Requirement Trial Balance Ratios Journal Prepare a classified balance sheet as of January 31, 2017. Unadjusted Nguyen Company Balance Sheet January 31, 2019 Assets Current Assets C 0 0 0 0 Plant assets 0 C Total assets Liabilities and Equity Liabilities C 0 Equity 0 (5,400) (5,400) Total liabilities and equity (5,400) Single Step IS Ratios The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $$3,200. o. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count ofending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Multiple Step Single Step IS Balance Sheet| IS General General Trial Balance Requirement Ratios Journal Ledger Compute the following ratios as of January 31, 2017. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio Ratios Balance Sheet The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. o. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. General Ledger Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Journal 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 lessA to Jan 31 Unadjusted Dates: Jan 31 Nguyen Company Trial Balance January 31, 2017 Debit Account Title Credit Cash 21,400 Merchandise inventory 12,600 Store supplies Prepaid insurance Store equipment 9,600 3,200 68,000 30,600 Accumulated depreciation Store equip. Accounts payable 15,800 Common stock 10,800 Retained eamings 35,700 Dividends 5,400 Sales 141,000 Sales discounts 4,200 Sales retums and allowances 4,400 Cost of goods sold Salaries expense Rent expense Advertising expense 42,000 37,000 14,800 11,300 Total 233,900 $ 233,900 General Ledger Multiple Step IS Store supplies still available at fiscal year-end amount to 1 $3,200 2 Expired insurance, an administrative expense, for the fiscal year is $1,980 3 Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Record the entry to close income statement accounts with credit balances. Ln Record the entry to close income statement accounts 6 with debit balances. 7 Record the entry to close income summary Record the entry to close the withdrawals account. 8 The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Ledger Journal A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Unadjusted Nguyen Company Income Statement For Year Ended January 31, 2019 Revenues: Net sales Expenses: Cost of goods sold Total selling expenses Total general and administrative expenses Total expenses Balance Sheet> Multiple Step IS The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Journal General Ledger Multiple Step Single Step IS Balance Sheet IS Requirement Trial Balance 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 Nguyen Company Income Statement For Year Ended January 31, 2019 Trial Balance > Single Step IS The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Ledger Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Journal For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. View transaction list Journal entry worksheet 3 1 2 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $3,200 Note: Enter debits before credits Account Title Date Debit Credit Jan 31 Record entry Clear entry View general journal General Ledger Requirement The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. b. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end General Ledger Multiple Step Sinale Step IS Balance Sheet IS General Requirement Trial Balance Ratios Journal Prepare a classified balance sheet as of January 31, 2017. Unadjusted Nguyen Company Balance Sheet January 31, 2019 Assets Current Assets C 0 0 0 0 Plant assets 0 C Total assets Liabilities and Equity Liabilities C 0 Equity 0 (5,400) (5,400) Total liabilities and equity (5,400) Single Step IS Ratios The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $$3,200. o. Expired insurance, an administrative expense, for the fiscal year is $1,980. c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count ofending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. Multiple Step Single Step IS Balance Sheet| IS General General Trial Balance Requirement Ratios Journal Ledger Compute the following ratios as of January 31, 2017. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio Ratios Balance Sheet The fiscal year-end unadjusted trial balance for Nguyen Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nguyen 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 $3,200. o. Expired insurance, an administrative expense, for the fiscal year is $1,980 c. Depreciation expense on store equipment, a selling expense, is $6,800 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,840 of inventory is still available at fiscal year-end. General Ledger Multiple Step Single Step IS Balance Sheet IS General Trial Balance Requirement Ratios Journal 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 lessA to Jan 31 Unadjusted Dates: Jan 31 Nguyen Company Trial Balance January 31, 2017 Debit Account Title Credit Cash 21,400 Merchandise inventory 12,600 Store supplies Prepaid insurance Store equipment 9,600 3,200 68,000 30,600 Accumulated depreciation Store equip. Accounts payable 15,800 Common stock 10,800 Retained eamings 35,700 Dividends 5,400 Sales 141,000 Sales discounts 4,200 Sales retums and allowances 4,400 Cost of goods sold Salaries expense Rent expense Advertising expense 42,000 37,000 14,800 11,300 Total 233,900 $ 233,900 General Ledger Multiple Step IS