Question: this is all i got no more info was provided in this question The fiscal year-end unadjusted trial balance for Collins Company is found on




























The fiscal year-end unadjusted trial balance for Collins Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Collins Company uses a perpetual Inventory system Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,950. b. Expired insurance, an administrative expense, for the fiscal year is $1,880. c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end. General Journal Ratios General Ledger Multiple Step IS Trial Balance Single Step Is Balance Sheet Requirement General Journal tab. Prepare any necessary adjusting entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debts should always equal total credits Multiple step Income Statement tab. Prepare a multiple step income statement. Single-step Income Statement tab - Prepare a single-step Income statement using the values from the multiple-step income statement Balance Sheet tab - Prepare a classified balance sheet. Ratio tab - Calculate the current ratio, the acid-test ratio, and the gross margin ratio. General Journal Requirement General Ledger Trial Balance Multiple Step IS Ratios Single Step Is Balance Sheet For transactions 1-4 prepare the required adjusting journal entries. For transactions 5-8, prepare the required View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Store supplies still available at fiscal year-end amount to $2,950. Note: Enter debits before credits. Account Title Debit Credit Date January 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 Expired insurance, an administrative expense, for the fiscal year is $1,880. Note: Enter debits before credits. Account Title Debit Credit Date January 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 2. 3 4 5 6 7 8 > Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. Note: Enter debits before credits. Date Account Title Debit Credit January 31 Record entry Clear entry View general journal Journal entry worksheet To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still available at fiscal year-end. Note: Enter debits before credits Account Title Debit Credit Date January 31 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Account Title Debit Credit Date January 31 Record entry Clear entry View general Journal Journal entry worksheet Record the entry to close income summary Note: Enter debits before credits Date Account Title Debit Credit January 31 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 899 Record the entry to close the withdrawals account. Note: Enter debits before credits Account Title Debit Credit Date January 31 Record entry Clear entry View general journal Cash Merchandise Inventory Debit No No. Credit Debit Credit Date January 31 Balance 20.050 Date January 31 Balance 12,300 Store supplies Debit Credit No. No. Date January 31 Balance 8,850 Balance 3,000 Prepaid insurance Date Debit Credit January 31 Accumulated depreciation - Store equip. Date Debit Credit January 31 Store equipment Debit Credit No. Balance No. Date January 31 Balance 28,350 63,000 Accounts payable Debit Credit Common stock Debit Credit No. No. Date January 31 Balance 14.800 Date January 31 Balance 9,800 Dividends Retained earnings Deblt Credit No. Date No. Debit Credit Balance 34,200 Date January 31 Balance 5,100 January 31 Sales discounts Debit Credit No. Balance 136,000 No. Date January 31 Balance 4,100 Sales Date Debit Credit January 31 Sales returns and allowances Date Debit Credit January 31 Cost of goods sold Debit Credit No. No. Balance 4,300 Date January 31 Balance 41,000 Salaries expense Debit Credit Rent expense Debit Credit No. No. Date January 31 Balance 36,000 Date January 31 Balance 14,400 Advertising expense Debit Credit No. Date Ianuary 31 Balance 11 abnormal ending balance (indicated with brackets in the yer that account to ensure that the journal entries are correct Show less Dates: January 31 to: January 31 Unadjusted Collins Company Trial Balance January 31, 2021 Credit Account Title $ Debit 20,050 12,300 8,850 3,000 63.000 Add 2 28,350 14,800 9.800 34 200 5.100 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries exponse Rent expenso Advertising expense Total 136,000 4,100 4,300 41,000 36,000 14,400 11,050 223,150 $ $ 223,150 Multiple Stopis Unadjusted 2 points Collins Company Income Statement For Year Ended January 31, 2021 $ 0 eBook $ 0 0 Print Net sales 0 0 References Gross profit 0 0 0 0 Rent expense and salaries expense are equally divi Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,950 b. Expired insurance, an administrative expense, for the fiscal year is $1,880. c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still availab fiscal year-end. Requirement General Journal General Ledger Thal Balance Multiple Step Single Step Is Balance Sheet Ratios IS es A single-step income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. $ 0 Unadjusted Collins Company Income Statement For Yoar Ended January 31, 2021 Revenues: Net sales Expenses: Cost of goods sold $ Total selling expenses Total general and administrative expenses Total expenses Net Income 0 0 0 0 General Journal Requirement General Ledger Trial Balance Multiple Step IS Ratios Single Step Is Balance Sheet Prepare a classified balance sheet as of January 31, 2021. Unadjusted Book Collins Company Balance Sheet January 31, 2021 Assets Print Current Assets $ 0 ferences 0 0 0 0 Plant assets $ 0 0 Total assets Liabilities and Equity Liabilis $ 0 0 Equity $ 0 12 (5,100) (5,100) (5.100) Total liabilities and equity $ Record the entry to close income statement accounts with credit balances. Note: Enter debits before credits. Account Title Debit Credit Date January 31 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 MAMA 6 7 8 Record the entry to close income statement accounts with debit balances. Note: Enter debits before credits. ces Account Title Date January 31 Debit Credit Record entry Clear entry View general journal entry worksheet WT Record the entry to close the withdrawals account. Note: Enter debits before credits Account Title Debit Credit Date January 31 Record entry Clear entry View general Journal Cash Merchandise Inventory Debit Credit No. Debit Credit No. Date January 31 Balance 20.050 Date January 31 Balance 12,300 Store supplies Debit Credit Prepaid Insurance Debit Credit No. No. Date January 31 Balance 8,850 Date January 31 Balance 3,000 Store equipment No. Debit Credit No. Date January 31 Balance 63,000 Accumulated depreciation - Store equip. Date Debit Credit January 31 Balance 28,350 Common stock Accounts payable Debit Credit No. No. Debit Credit Date January 31 Balance 14.800 Date January 31 Balance 9,800 Dividends Retained earnings Debit Credit No. Date No. Debit Credit Balance 34,200 Date January 31 Balance 5,100 January 31 Sales discounts Debit Credit No. Balance 136,000 No. Balance Date January 31 4,100 Sales Date Debit Credit January 31 Sales returns and allowances Date Debit Credit January 31 Cost of goods sold Debit Credit No. No. Balance 4,300 Date January 31 Balance 41,000 Rent expense Salaries expense Debit Credit No. No. Debit Credit Date January 31 Balance 36,000 Date January 31 Balance 14.400 Advertising expense Debit Credit No. Date Ianuary 31 Balance 11 abnormal ending balance (indicated with brackets in the yer that account to ensure that the journal entries are correct Show less Dates: January 31 to: January 31 Unadjusted Collins Company Trial Balance January 31, 2021 Credit Account Title $ Debit 20,050 12,300 8,850 3,000 63.000 22 28,350 14,800 9,800 34 200 5.100 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries exponse Rent expenso Advertising expense Total 136,000 4,100 4,300 41,000 36,000 14,400 11,050 223,150 $ $ 223,150 Multiple Stop 18 Unadjusted 2 points Collins Company Income Statement For Year Ended January 31, 2021 $ 0 eBook $ 0 0 Print Net sales 0 0 References Gross profit 0 0 0 0 Rent expense and salaries expense are equally divi Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,950. b. Expired insurance, an administrative expense, for the fiscal year is $1,880. c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,560 of inventory is still availab fiscal year-end. es General General Multiple Step Single Step Is Balance Sheet Requirement Ratios Trial Balance Journal Ledger IS A single-step Income statement yields the same net income, but does not show the same level of detail/subtotals as the multiple-step income statement. Use the information from the multiple-step income statement to complete the single-step income statement below. Unadjusted Collins Company Income Statement For Year Ended January 31, 2021 Revenues: Net sales $ 0 Expenses: Cost of goods sold $ 0 Total selling expenses 0 Total general and administrative expenses Total expenses 0 Net Income 0 Single Step Is Balance Sheet Ratios General General Multiple Step Requirement Trial Balance Journal Ledger IS Prepare a classified balance sheet as of January 31, 2021. Unadjusted Book Collins Company Balance Sheet January 31, 2021 Assets Print Current Assets $ 0 0 Herences 0 O 0 Plant assets $ 0 0 Total assets Liabilities and Equity Liabilities $ 0 0 Equity $ 0 n (5,100) Total liabilities and equity (5.100) (5,100) $ The fiscal year-end unadjusted trial balance for Collins Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative a Company uses a perpetual inventory system Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $2,950, b. Expired insurance, an administrative expense, for the fiscal year is $1.880. c. Depreciation expense on store equipment, a selling expense, is $6,300 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise Inventory is taken. It shows $11,560 of inventory is stil fiscal year-end. Ratios Requirement General General Multiple Step Journal Trial Balance Ledger IS Single Step Is Balance Sheet Compute the following ratios as of January 31, 2021. Round each ratio to 2 decimal places. Dates: January 31 Current ratio Acid-test ratio Gross margin ratio to: January 31
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