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]

Don't use plagiarized sources. Get Your Custom Essay on
Problem 5-3A Preparing adjusting entries and income statements; a
From $10/Page
Order Essay
Order NOW For A 35% Discount!
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Homework Writing

Do you need to ace your test? We have qualified writers to assist you in writing 100% quality homework writing. Mycoursewriter offers students unique and personalized custom papers that help them in getting good grades. Our academic experts will assist you with your dissertation papers, thesis writing, research papers, term papers, and case study homework help. Our writers are experienced and have perfected the art of crafting the best essay writing papers regardless of your academic level. Order now and get our superb homework writing services.

Expert Academic Writers

A student needs professional assistance outside class time. Before hiring our writers, they undergo thorough tests and strict educational backgrounds. After passing a test, our writers undergo training to ensure they deliver expert professional papers to our customers. We ensure they meet the timely delivery of papers and follow our customers' provided instructions. Every writer is an ENL writer and is from the USA, Canada, UK, or Australia. Our experts approach papers effectively depending on their area of specialization.

Affordable Price Guarantees

Is the deal too good to be true? Mycoursewriter is the most affordable assignment help website on the market. We consider students' daily needs for academic help. Our paper costs are reasonably priced to approximately 90% of students around the globe. Our main aim is to ensure students achieve academic excellence, and we believe inconsiderable prices should not hinder students from getting quality homework writing help. In case of any dissatisfaction, we offer unlimited revisions and rewrites without extra charges.

Timely delivery of papers

Tight deadline? Is your paper due in the next few hours? Worry no more. Our writers are here for your rescue. Many college students find it hard to balance their social and academic life and get caught up with academic deadlines. Drafting your paper at the last minute does not allow you to conduct extensive research and craft the correct answers. We have expert writers ready to work on your assignment writing. Urgent writing services are the ultimate solutions you need. We guarantee you timely delivery of papers at your convenience and specified time delivery of the customer.

100% Original Tasks

The ultimate deal-breaker in achieving good grades is submitting imitative papers. Plagiarism is a breach of examination standards and has serious consequences. Students need to deliver papers written in their understanding by paraphrasing their research findings and relevant citations. Our expert's primary consideration is providing free plagiarized papers that meet the lecturers' requirements. Our editors will proofread your paper before delivery ad ensure your papers will not be substandard. We guarantee extreme originality, and in case of any customer concerns, we offer a plagiarism report.

All Round the clock Customer Support

Our website is user-friendly and super useful! Mycoursewriter is the most trusted online writing website always available to provide you with assignment writing services that you need. Our primary concern is meeting customer need specifications by our friendly customer support team that Is available all the time. Our website usability is self-learnable but in case of any problem, feel free to contact us directly through our website email: We have diligently satisfied thousands of students, and you can witness this on our sites' review page.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Advantages of Using Our Assignment writing Services

Mycoursewriter welcomes you for superb essay writing services. We are a legit site offering help with your most challenging homework writing assignments at affordable prices. Your essay paper will be assigned to a professional writer who will craft the paper from scratch according to your provided instructions.


Essay Writing and Proofreading Services

Essay writing is a common assignment writing for most college students. It takes a lot of time to craft a complete perfect essay. Mycourserwiter offers the best essay writing and proofreading services for most college students. Your paper is assigned to an expert writer who does thorough research on fresh ideas and personalizes your essay paper according to your assignment writing guidelines. Our essays are entirely exceptional and undergo a strict procedure that includes papers free from plagiarism and thorough proofreading.


Admission and Business Papers

Writing an admission paper is not every student's desire, and this should not hinder any student from earning an admission. Writing a perfect personal statement to earn a position in a dream school or job can be stressful. Personal statements should display a high level of confidence and uniqueness. Admission essays require you to have a vast knowledge of the current happenings in the world and knowhow of the business world. We have qualified writers with skills who will write your admission paper through comprehensive research. All you have to do is provide us with little details about yourself, instructions and our writers will craft a perfect paper for you.


Editing and Proofreading

Mycoursewriter offers you assignment writing services free from grammatical and formatting mistakes. An error-free paper is significant in scoring the desired maximum grades. We have a team of editors who will go through your paper after our expert writers have delivered their fully crafted papers. Our writers will cover all the aspects of your paper instructions, such as fonts, spacing, and educational formats. Our team of editors will check through your paper to make sure it meets the formatting style provided in the paper instructions. Under no circumstances will a poorly formatted paper will be forwarded to you as our team of editors will ensure careful proofreading.


Technical Papers

Assignment writing is part of a learning process, and one may not have the knowledge to answer all questions correctly. This should not be a stress to you as we have qualified essay writing experts to help you. Our qualified writers are holders of PhDs, Degrees, and Masters in different areas of study and can handle any papers regardless of the complexity. Multiple assignments may be challenging to finish on time. Our skilled professional writers are here to assist you in crafting all the correct answers for your assignment. Stop stressing about your homework writing and place an order with us, and our expert writers will provide you with the best assignment help.