Question: Preparing adjusting entries and income statements; and computing gross margin, acid-test, and current ratios LO A1, A2, P3, P4 [The following information applies to the

Preparing adjusting entries and income statements; and 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.

NELSON COMPANY Unadjusted Trial Balance January 31, 2013
Debit Credit
Cash $ 27,050
Merchandise inventory 14,000
Store supplies 5,200
Prepaid insurance 2,700
Store equipment 43,000
Accumulated depreciation

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