accounting problems

Project Description:

the following unadjusted trial balance is prepared at fiscal year-end for rex company.

rex company
unadjusted trial balance
january 31,2011
debit credit
cash $ 2,200
merchandise inventory 11,500
store supplies 4,800
prepaid insurance 2,300
store equipment 41,900
accumulated depreciation—store equipment $ 15,000
accounts payable 9,000
t. rex, capital
32,000
t. rex, withdrawals 2,000
sales
104,000
sales discounts 1,000
sales returns and allowances 2,000
cost of goods sold 37,400
depreciation expense—store equipment 0
salaries expense 31,000
insurance expense 0
rent expense 14,000
store supplies expense 0
advertising expense 9,900
totals $ 160,000 $ 160,000

rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. rex company uses a perpetual inventory system.

a. store supplies still available at fiscal year-end amount to $1,650.
b. expired insurance, an administrative expense, for the fiscal year is $1,500.
c. depreciation expense on store equipment, a selling expense, is $1,400 for the fiscal year.
d.
to estimate shrinkage, a physical count of ending merchandise inventory is taken. it shows $11,100 of inventory is still available at fiscal year-end.


5.value:
6.00 points

required:
1.
using the above information prepare adjusting journal entries (omit the "$" sign in your response):

general journal debit credit
a.


b.


c.


d.

check my workebook links (4)references


6.value:
6.00 points

2.
prepare a multiple-step income statement for fiscal year 2011. (input all amounts as positive values. omit the "$" sign in your response.)

rex company
income statement
for year ended january 31, 2011
$
$






expenses
selling expenses







total selling expenses
general and administrative expenses





total general and administrative expenses


total expenses

$

check my workebook links (4)references


7.value:
7.00 points

3.
prepare a single-step income statement for fiscal year 2011. (input all amounts as positive values. omit the "$" sign in your response.)

rex company
income statement
for year ended january 31, 2011
$
expenses
$




total expenses

$

check my workebook links (4)references


8.value:
7.00 points

4.
compute the current ratio, acid-test ratio, and gross margin ratio as of january 31, 2011. (round your answers to 2 decimal places.)


current ratio
acid-test ratio
gross margin ratio
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