The fiscal year-end unadjusted trial balance for King Company is found on the triat 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. 6. Store supplies still avallable at fiscal year-end amount to $3,050 b. Expired insurance, an administrative expense, for the fiscal year is $1,920 c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. it shows $11,560 of inventory is 5til avallable at fiscal yeat-end: General Journal tab - Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger soltware is that posting is done automatically. To see the detail of all transactions that affect a specafic account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab -General ledger soltware also automates the preparntion of trial balances. A trial balance lists each account from the General Ledger, allong with its balance, either a debit or a credit. Total debits should always equal total aredits. Muitiple 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 dassufied balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. The tral balance is a listing of all account balances from the General tedger as of a specific date, Click on any individual account balance fo neturn to the General Ledger. The trial balance is only as accurate as the umderlying journal entries. it the total debirs do not equal the total credits, you have a joumal entry that is out of balance, If you have an. ibnormal ending balance (indicated with brackets in the goneral ledger), you should review the journal entries that affected hat account to enswere that the journal entries are covert. 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. a. Store supplies still available at fiscal year-end amount to $3,050. b. Expired insurance, an administrative expense, for the fiscal year is $1,920. c. Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year. d. 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. 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 joumal 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. General Journal tab - Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. 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. Store supplies still available at fiscal year-end amount to $3,050. Expired insurance, an administrative expense, for the fiscal year is $1,920. 3 Depreciation expense on store equipment, a selling expense, is $6,500 for the fiscal year. 4 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. 5 Record the entry to close income statement accounts with credit balances. 6 Record the entry to close income statement accounts with debit balances. 7 Record the entry to close income summary. 8 Record the entry to close the withdrawals account. 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. \begin{tabular}{|l|l|l|l|} \hline Gross pront & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} A single-step income statement yields the same net income, but does not show the same level of detail/sub multiple-step income statement. Use the information from the multiple-step income statement to col single-step income statement below. Prepare a classified balance sheet as of January 31, 2021. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of fiscal year-end. Compute the following ratios as of January 31 , 2021. Round each ratio to 2 decimal places