The fiscal year-end unadjusted trial balance for Adams Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Adams Company uses a perpetual Inventory system Descriptions of items that require adjusting entries on January 31, 2020, follow. a Store supplies still available at fiscal year-end amount to $2.350. b. Expired insurance, an administrative expense, for the fiscal year is $1,640, c. Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,430 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 No Date Account Title Debit Credit 1 Jan 31 Store supplies expense Store supplies 2 Jan 31 1,640 Insurance expense Prepaid insurance 1,640 3 Jan 31 6.100 Depreciation expense - Store equip Accumulated depreciation Store equip 6.100 4 Jan 31 Cost of goods sold Merchandise inventory 5 Jan 31 Sales Income summary 6 Jan 31 12,800 10.450 Income summary Rent expense Advertising expense Store supplies expense Insurance expense Salaries expense Depreciation expense - Store equip 7 Jan 31 Income summary Retained earnings Income Statement For Year Ended January 31, 2020 $ 0 0 0 Net sales 0 0 Gross profit 0 January 31, ZUZU Assets 7 $ Current Assets Cash Merchandise inventory Store supplies Prepaid insurance 15,650 11,100 7,050 960 0 $ 34 760 Total current assets Plant assets Store equipment t $ 61,000 0 Store equipment, net Total assets 61,000 95,760 $ Liabilities and Equity Liabilities Accounts payable '$ 12,400 0 Total liabilities $ 12,400 Equity $ 0 7 (4,600) (4,600) 7,800 Total liabilities and equity $ The fiscal year-end unadjusted trial balance for Adams Company is found on the trial balance tab Rent expense and salaries expense are equally divided between selling activities and general and administrotive activities. Adams Company uses a perpetual inventory system Descriptions of items that require adjusting entries on January 31, 2030, follow. a. Store supplies still available at fiscal year-end amount to $2.350 b. Expired insurance, an administrative expense, for the fiscal year is $1640 c. Depreciation expense on store equipment, a selling expense, is $6.100 for the fiscal yeat d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10.430 of inventory is still available at fiscal year-end Ratios General General Requirement Trial Balance Multiple Step Single Step Is Balance Sheet Journal Ledger Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio The fiscal year-end unadjusted trial balance for Adams Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Adams Company uses a perpetual Inventory system Descriptions of items that require adjusting entries on January 31, 2020, follow. a Store supplies still available at fiscal year-end amount to $2.350. b. Expired insurance, an administrative expense, for the fiscal year is $1,640, c. Depreciation expense on store equipment, a selling expense, is $6,100 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,430 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 No Date Account Title Debit Credit 1 Jan 31 Store supplies expense Store supplies 2 Jan 31 1,640 Insurance expense Prepaid insurance 1,640 3 Jan 31 6.100 Depreciation expense - Store equip Accumulated depreciation Store equip 6.100 4 Jan 31 Cost of goods sold Merchandise inventory 5 Jan 31 Sales Income summary 6 Jan 31 12,800 10.450 Income summary Rent expense Advertising expense Store supplies expense Insurance expense Salaries expense Depreciation expense - Store equip 7 Jan 31 Income summary Retained earnings Income Statement For Year Ended January 31, 2020 $ 0 0 0 Net sales 0 0 Gross profit 0 January 31, ZUZU Assets 7 $ Current Assets Cash Merchandise inventory Store supplies Prepaid insurance 15,650 11,100 7,050 960 0 $ 34 760 Total current assets Plant assets Store equipment t $ 61,000 0 Store equipment, net Total assets 61,000 95,760 $ Liabilities and Equity Liabilities Accounts payable '$ 12,400 0 Total liabilities $ 12,400 Equity $ 0 7 (4,600) (4,600) 7,800 Total liabilities and equity $ The fiscal year-end unadjusted trial balance for Adams Company is found on the trial balance tab Rent expense and salaries expense are equally divided between selling activities and general and administrotive activities. Adams Company uses a perpetual inventory system Descriptions of items that require adjusting entries on January 31, 2030, follow. a. Store supplies still available at fiscal year-end amount to $2.350 b. Expired insurance, an administrative expense, for the fiscal year is $1640 c. Depreciation expense on store equipment, a selling expense, is $6.100 for the fiscal yeat d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10.430 of inventory is still available at fiscal year-end Ratios General General Requirement Trial Balance Multiple Step Single Step Is Balance Sheet Journal Ledger Compute the following ratios as of January 31, 2020. Round each ratio to 2 decimal places. Dates: Jan 31 to: Jan 31 Current ratio Acid-test ratio Gross margin ratio