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Chapter 4 Accounting for Merchandising Operations 2 P3 P40 blem 4-5B The following unadjusted trial balance is prepared at fiscal year-end for Poster Products Company aring adjusting es and income ments and FOSTER PRODUCTS COMPANY Outing gross margin, Uradjusted Trial Balance Cest, and current October 31, 2015 Debit Credit $ 7400 24,000 3 Merchandise inventory 9.700 Store supplies 6.600 5 Prepaid insurance 81.800 & Store equipment $ 32.000 7 Accumulated depreciation Store equipment 18.000 8 Accounts payable 9 Common stock 3.000 10 Retained earnings 40.000 11 Dividends 2.000 12 Sales 227.100 13 Sales discounts 14 Sales returns and allowances 5,000 15 Cost of goods sold 75.800 16 Depreciation expense-Store equipment 17 Salaries expense 63,000 18 Insurance expense 19 Rent expense 26.000 20 Store supplies expense 21 Advertising expense 17.800 22 Totals $320,100 $320.100 1.000 Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Foster Products Company uses a perpetual inventory system. Required 1. Prepare adjusting journal entries to reflect cach of the following. a. Store supplies still available at fiscal year-end amount to S3,700. b. Expired insurance, an administrative expense, for the fiscal year is $2.800. c. Depreciation expense on store equipment, a selling expense, is $3,000 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $21,3 of inventory is still available at fiscal year-end. 2. Prepare a multiple-step income statement for fiscal year 2015. 3. Prepare a single-step income statement for fiscal year 2015. 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of October 31, 2015. (Round ra to two decimals.) 355 profit al expenses come SB Refer to the date