The fiscal year end unadjusted trial balance for King Company is found on the trial balance tab Rent expense and salaries expense are equally divided between selling activities and general and administrative activities King Company uses a perpetual inventory system Descriptions of items that require adjusting entries on January 31, 2019, follow Store supplies still available at fiscal year end amount to $3,050 Expired insurance, an administrative expense, for the fiscal year is $1,920 Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year To estimate shrinkage, a physical count of ending merchandise inventory is taken It shows $11,560 of inventory is still available at fiscal year end General Journal tab Prepare any necessary adjusting entries Multiple step Income Statement tab Prepare a multiple step income statement Single step Income Statement tab Prepare a single step income statement using the values from the multiple step income statement Balance Sheet tab Prepare a classified balance sheet Ratio tab Calculate the current ratio, the acid test ratio, and the gross margin ratio

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The fiscal year-end unadjusted trial balance for King Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between

The fiscal year-end unadjusted trial balance for King Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. King Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow.

Store supplies still available at fiscal year-end amount to $3,050.
Expired insurance, an administrative expense, for the fiscal year is $1,920.
Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year.
To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end.

General Journal tab - Prepare any necessary adjusting entries. Multiple step Income Statement tab - Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step income statement using the values from the multiple-step income statement. Balance Sheet tab - Prepare a classified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio.