The fiscal year-end unadjusted trial balance for Wright Company is found on the trial balance tab. Wright Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expensestore equipment, sales salaries expense, rent expenseselling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow.

a. Store supplies still available at fiscal year-end amount to $2,650.

b. Expired insurance, an administrative expense, for the fiscal year is $1,760.

c. Depreciation expense on store equipment, a selling expense, is $6,700 for the fiscal year.

d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,000 of inventory is still available at fiscal year-end.

General Journal

Adjusted General Ledger

Adjusted Trial Balance

Adjusted Multiple Step Income Statement

Adjusted Single Step Income Statement

Adjusted Balance Sheet

Ratios

Hello. I'm almost done the entire problem, but it says that the Gross Margin Ratio I entered is wrong (it also says that 67.45 is incorrect). It shows that all my previous answers are correct, so I'm not sure what I'm doing wrong. I tried Gross Profit/Net Sales x 100 (82,300/122,000 x 100) = 67.459 (rounded to 67.46). Please let me know if I missed anything and if it's what's causing me to get the wrong Gross Margin Ratio.

The fiscal year-end unadjusted trial balance for Wright Company is found on the trial balance tab. Wright Company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense-store equipment, sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Descriptions of items that require adjusting entries on January 31 follow. a. Store supplies still available at fiscal year-end amount to $2,650. b. Expired insurance, an administrative expense, for the fiscal year is $1,760. c. Depreciation expense on store equipment, a selling expense, is $6,700 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,000 of inventory is still available at fiscal year-end. For ent \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Store supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 31 & & & 7,950 \\ \hline W & Jan 31 & & 5,300 & 2,650 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Office salaries expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 31 & & & 17,000 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Insurance expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 31 & & & 0 \\ \hline 2 & Jan 31 & 1,760 & & 1,760 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|r|} \hline \multicolumn{5}{|c|}{ Advertising expense } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jan 31 & & & 10,750 \\ \hline \end{tabular} Answer is not complete. ompute the following ratios as of January 31 . Round each ratio to 2 decimal places