Assignment Detail


Compute the following ratios as of january 31, 2016

    Assignment Instructions

    a.Store supplies still available at fiscal year-end amount to $1,950.
    b.Expired insurance, an administrative expense, for the fiscal year is $1,480.
    c.Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year.
    d.To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $9,870 of inventory is still available at fiscal year-end.


    Q1. For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required closing entries. This is the complete question. For 4 enteries above, they are asking to make 4 Adjusting and 4 Closing Enteries.

    Q2,Multiple Step IS- 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. For operating expenses, you must enter both the account title and the dollar amount.

    Q3, Single Step IS : 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.

    Q4. Make a classified balance sheet as of January 31, 2015.

    Q5. Compute the following ratios as of January 31, 2016. Round each ratio to 2 decimal places: Current Ratio, Acid-test ratio, Gross Margin Ratio.


    Need fresh solution to this Assignment without plagiarism?? Get Quote Now

    Expert Answer

    Asked by: Anonymous
    Plagiarism Checked
    Answer Rating:

    Plagiarism free Answer files are strictly restricted for download to the student who originally posted this question.

    Related Assignments

    WeCreativez WhatsApp Support
    Our customer support team is here to answer your questions. You can send Assignments directly to support team.
    👋 Hi, how can I help?