store supplies still available at fiscal year end amount to 1 700 375209
| NELSON COMPANY Unadjusted Trial Balance January 31, 2013 |
||||
| Debit | Credit | |||
| Cash | $ | 26,150 | ||
| Merchandise inventory | 14,500 | |||
| Store supplies | 5,000 | |||
| Prepaid insurance | 2,100 | |||
| Store equipment | 42,800 | |||
| Accumulated depreciation—Store equipment | $ | 19,850 | ||
| Accounts payable | 12,000 | |||
| J. Nelson, Capital | 40,000 | |||
| J. Nelson, Withdrawals | 2,150 | |||
| Sales | 116,200 | |||
| Sales discounts | 2,000 | |||
| Sales returns and allowances | 2,250 | |||
| Cost of goods sold | 38,000 | |||
| Depreciation expense—Store equipment | 0 | |||
| Salaries expense | 30,700 | |||
| Insurance expense | 0 | |||
| Rent expense | 13,000 | |||
| Store supplies expense | 0 | |||
| Advertising expense | 9,400 | |||
|
|
|
|
|
|
| Totals | $ | 188,050 | $ | 188,050 |
|
|
|
|
|
|
|
|
||||
| Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Nelson Company uses a perpetual inventory system. |
| a. | Store supplies still available at fiscal year end amount to $1,700. |
| b. | Expired insurance, an administrative expense, for the fiscal year is $1,750. |
| c. | Depreciation expense on store equipment, a selling expense, is $1,600 for the fiscal year. |
| d. | To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,300 of inventory is still available at fiscal year end. |
Attachments:
NELSON COMPAN….docxDon't use plagiarized sources. Get Your Custom Essay on
store supplies still available at fiscal year end amount to 1 700 375209
For $10/Page 0nly
Calculator
Our features
We've got everything to become your favourite writing service
Money back guarantee
Your money is safe. Even if we fail to satisfy your expectations, you can always request a refund and get your money back.
Confidentiality
We don’t share your private information with anyone. What happens on our website stays on our website.
Our service is legit
We provide you with a sample paper on the topic you need, and this kind of academic assistance is perfectly legitimate.
Get a plagiarism-free paper
We check every paper with our plagiarism-detection software, so you get a unique paper written for your particular purposes.
We can help with urgent tasks
Need a paper tomorrow? We can write it even while you’re sleeping. Place an order now and get your paper in 8 hours.
Pay a fair price
Our prices depend on urgency. If you want a cheap essay, place your order in advance. Our prices start from $11 per page.