I don't understand how my values are wrong.

6 99+ Required information Problem 4-5A Preparing adjusting entries and income statements; computing gross margin, acid-test, and current ratios LO A1, A2, P3, P4 (The following information applies to the questions displayed below The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Part 1 of 2 1.21/1.42 points awarded NELSON COMPANY Unadjusted Trial Balance January 31, 2817 Debit Credit 04:22:51 $1,808 12,580 5,800 2,400 42,99e Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation-Store equipment Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense-Store equipment Salaries expense Insurance expense Rent expense Store supplies expense Advertising expense Totals Scored S 15,258 10,880 5,808 27,8e8 2,280 111,958 2,888 2,286 38, 400 35,880 15,900 9,880 $169,200 $169,20e Rent expense and salaries expense are equally divided between selling activities and general and Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. ed Additional Information a. Store supplies still available at fiscal year-end amount to $1,750 b. Expired insurance, an administrative expense, for the fiscal year is $1,400. c. Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year d. 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. Problem 4-5A Part 1, 2 and 3 Required: 1. Using the above information prepare adjusting journal entries: 2. Prepare a multiple-step income statement for fiscal year 2017 3. Prepare a single-step income statement for fiscal year 2017 2. Prepare a multiple-step income statement for fiscal year 2017 3. Prepare a single-step income statement for fiscal year 2017 Part 1 of 2 Complete this questions by entering your answers in the below tabs 1.21/1.42 points awardedRequired 1 Required 2 Required 3 042121U Using the above information prepare adjusting journal entries: General Journal Debit Credit Scored No Transaction 4,050 Store supplies expense 4,050 Store supplies nsurance expense 1,400 1,400 Prepaid insurance 1.525 Depreciation expense Store equipment 1,525 Accumulated depreciation-Store equipment Cost of goods sold 1,600 Merchandise inventory ,600 Required 2 Required information For Year Ended January 31, 2017 Sales Less: Sales discounts Less: Sales returns and allowances 2,200 Net sales Cost of goods sold Gross profit Expense 111,950 > $ 2,000 4,200 107,750 40,000 67,750 rded 42 Selling expenses Depreciation expense-Store equipment s 1,525 Store supplies expense Advertising expense 4,050 9,800 Total selling expenses 15,375 General and administrative expenses Rent expense-Office space Insurance expense Office salaries expense 15,000 1,400 35,000 Total general and administrative expenses Total expenses 66,775 Net income 975 PrtScn 8 0 4 This window shows your responses and what was marked correct and incorredt Required information Complete this questions by entering your answers in the below tabs Required 1 Required 2 Required3 Prepare a single-step Income statement for fiscal year 2017. NELSON COMPANY Income Statement For Year Ended January 31, 2017 Net sales 107,750 Expenses Cost of goods sold Selling expenses General and administrative expenses s 40,000 15,375 51,400 Total expenses Net income 106,775 S 975