The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.Rent expense and salaries expense are equally divided

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Required Prepare adjusting journal entries to reflect each of the following: Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end. Prepare a multiple-step income statement for fiscal year 2016 that begins with gross sales and includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Prepare a single-step income statement for fiscal year 2016. (3) Total expenses, $106,775; Net income, $975 Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2016. (Round ratios to two decimals.)

Valley Company's adjusted trial balance on August 31, 2016, its fiscal year-end, follows.On August 31, 2015

Valley Company's adjusted trial balance on August 31, 2016, its fiscal year-end, follows.On August 31, 2015, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2016, reveal the following itemized costs. Required Compute the company's net sales for the year. Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. (3) Gross profit, $136,850; Net income, $49,850 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. (4) Total expenses, $161,500

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year:

                Beginning                            Ending

Raw materials inventory               $              560,000                                 $              623,000

The raw materials used in manufacturing during the year totaled $1,083,000. Raw materials purchased during the year amount to:

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