Problem 5-3A Preparing adjusting entries and income statements; a

Problem 5-3A Preparing adjusting entries and income statements; and computing gross margin, acid-test, and current ratios L.O. 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 Rex Company.    REX COMPANY Unadjusted Trial Balance January 31,2011   Debit Credit   Cash $ 2,200         Merchandise inventory   11,500         Store supplies   4,800         Prepaid insurance   2,300         Store equipment   41,900         Accumulated depreciation—Store equipment     $ 15,000     Accounts payable       9,000     T. Rex, Capital       32,000     T. Rex, Withdrawals   2,000         Sales       104,000     Sales discounts   1,000         Sales returns and allowances   2,000         Cost of goods sold   37,400         Depreciation expense—Store equipment   0         Salaries expense   31,000         Insurance expense   0         Rent expense   14,000         Store supplies expense   0         Advertising expense   9,900           Totals $ 160,000   $ 160,000        Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Rex Company uses a perpetual inventory system.    a. Store supplies still available at fiscal year-end amount to $1,650. b. Expired insurance, an administrative expense, for the fiscal year is $1,500. c. Depreciation expense on store equipment, a selling expense, is $1,400 for the fiscal year. d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,100 of inventory is still available at fiscal year-end.   Problem 5-3A Part 1 Required: 1. Using the above information prepare adjusting journal entries (Omit the “$” sign in your response):      General Journal Debit Credit a.    [removed]                [removed]           b.    [removed]                [removed]           c.    [removed]                [removed]           d.    [removed]                [removed]    Problem 5-3A Part 2 2. Prepare a multiple-step income statement for fiscal year 2011. (Input all amounts as positive values. Omit the “$” sign in your response.)   REX COMPANY Income Statement For Year Ended January 31, 2011      $ [removed]      $ [removed]       [removed]  [removed]          [removed]        [removed]            [removed]     Expenses          Selling expenses           [removed]          [removed]          [removed]          [removed]          [removed]             Total selling expenses [removed]         General and administrative expenses           [removed]          [removed]          [removed]             Total general and administrative expenses [removed]             Total expenses   [removed]           $ [removed]        Problem 5-3A Part 3 3. Prepare a single-step income statement for fiscal year 2011. (Input all amounts as positive values. Omit the “$” sign in your response.)   REX COMPANY Income Statement For Year Ended January 31, 2011      $ [removed]    Expenses           $ [removed]          [removed]          [removed]             Total expenses   [removed]           $ [removed]      Problem 5-3A Part 4 4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2011. (Round your answers to 2 decimal places.)         Current ratio [removed]     Acid-test ratio [removed]     Gross margin ratio [removed]    Problem 5-4A Computing merchandising amounts and formatting income statements L.O. C2, P4 [The following information applies to the questions displayed below.] BizKid Company’s adjusted trial balance on August 31, 2011, its fiscal year-end, follows.         Debit     Credit     Merchandise inventory   $ 31,000           Other (noninventory) assets     120,400           Total liabilities         $ 35,000     N. Kidman, Capital           101,650     N. Kidman, Withdrawals     8,000           Sales           212,000     Sales discounts     3,250           Sales returns and allowances     14,000           Cost of goods sold     82,600           Sales salaries expense     29,000           Rent expense—Selling space     10,000           Store supplies expense     2,500           Advertising expense     18,000           Office salaries expense     26,500           Rent expense—Office space     2,600           Office supplies expense      800                   Totals   $ 348,650   $ 348,650             On August 31, 2010, merchandise inventory was $25,000. Supplementary records of merchandising activities for the year ended August 31, 2011, reveal the following itemized costs.           Invoice cost of merchandise purchases $ 91,000     Purchase discounts received   1,900     Purchase returns and allowances   4,400     Costs of transportation-in   3,900     Problem 5-4A Part 1 Required: 1. Compute the company’s net sales for the year. (Omit the “$” sign in your response.)     Net sales $ [removed]    Problem 5-4A Part 2 2. Compute the company’s total cost of merchandise purchased for the year. (Omit the “$” sign in your response.)     Total cost of merchandise purchased $ [removed]    Problem 5-4A Part 3 3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. (Input all amounts as positive values. Omit the “$” sign in your response.)   BIZKID COMPANY Income Statement For Year Ended August 31, 2011      $ [removed]       $ [removed]       [removed]  [removed]          [removed]         [removed]             [removed]      Expenses       Selling expenses          [removed]         [removed]         [removed]         [removed]            Total selling expenses   [removed]      General and administrative expenses          [removed]         [removed]         [removed]            Total general and administrative expenses   [removed]          Total expenses   [removed]             $ [removed]        Problem 5-4A Part 4 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. (Input all amounts as positive values. Omit the “$” sign in your response.)   BIZKID COMPANY Income Statement For Year Ended August 31, 2011      $ [removed]    Expenses            $ [removed]           [removed]           [removed]              Total expenses   [removed]           $ [removed]

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