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Required information [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2018 Debit Credit Cash $ 13, 800 Merchandise inventory 14,000 Store supplies 5, 200 Prepaid insurance 2, 700 Store equipment 42,500 Accumulated depreciation-Store equipment $ 19, 700 Accounts payable 17,000 Common stock 3, 200 Retained earnings 16,000 Dividends 2, 200 Sales 116, 450 Sales discounts 2, 050 Sales returns and allowances 2, 200 Cost of goods sold 38,000 Depreciation expense-Store equipment Salaries expense 26,200 Insurance expense Rent expense 14,000 Store supplies expense Advertising expense 9,500 Totals $172, 350 $172, 350 Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system.4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2018. (Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. Current ratio 1.01 X :1 Acid-test ratio 0.81 :1 Gross margin ratio 63.01 %Required 1 Required 2 Required 3 Using the above information prepare adjusting journal entries: View transaction list View journal entry worksheet X No Transaction General Journal Debit Credit 1 a. Store supplies expense 2,850 Store supplies 2,850 2 b. Insurance expense 1,650 Prepaid insurance 1,650 3 C. Depreciation expense-Store equipment 1,550 Accumulated depreciation-Store equipment 1,550 4 d. Cost of goods sold 3,500 Merchandise inventory 3,500 Income Statement For Year Ended January 31, 2018 Sales Less: Sales discounts Less: Sales returns and allowances 0 Net sales 0 Cost of goods sold Gross profit Expenses Selling expenses Depreciation expense-Store equipment Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Total selling expenses 0 General and administrative expenses Insurance expense Office salaries expense Rent expense-Office space Total general and administrative expenses O Total expenses O klat insamsPrepare a single-step income statement for fiscal year 2018. NELSON COMPANY Income Statement For Year Ended January 31, 2018 Expenses Total expenses 0