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The following unadjusted trial balance is prepared at fiscal year-end for Helix Company:

The following unadjusted trial balance is prepared at fiscal year-end for Helix Company:

The following unadjusted trial balance is prepared at fiscal year-end for Helix Company:

HELIX COMPANY
Unadjusted Trial Balance
January 31,2009
Debit Credit
Cash $ 28,750
Merchandise inventory 13,000
Store supplies 5,500
Prepaid insurance 2,400
Store equipment 42,600
Accumulated depreciation—Store equipment $ 19,750
Accounts payable 14,000
Common stock 19,000
Retained earnings 20,000
Dividends 2,000
Sales 115,800
Sales discounts 1,900
Sales returns and allowances 2,300
Cost of goods sold 38,000
Depreciation expense—Store equipment 0
Salaries expense 27,400
Insurance expense 0
Rent expense 15,000
Store supplies expense 0
Advertising expense 9,700
Totals

$ 188,550


$ 188,550

Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Helix Company uses a perpetual inventory system.
16.
value:
1 points
Requirement 1:
Prepare adjusting journal entries to reflect each of the following (Omit the "$" sign in your response):

a. Store supplies still available at fiscal year-end amount to $2,550.

Date General Journal Debit Credit
Jan 31
b. Expired insurance, an administrative expense, for the fiscal year is $1,450.

Date General Journal Debit Credit
Jan 31
c. Depreciation expense on store equipment, a selling expense, is $1,975 for the fiscal year.

Date General Journal Debit Credit
Jan 31
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.

Date General Journal Debit Credit
Jan 31

Check My WorkReferences
Worksheet Learning Objective: 04-A1 Learning Objective: 04-P3
Difficulty: Hard Learning Objective: 04-A2 Learning Objective: 04-P4
17.
value:
1 points
Requirement 2:
Prepare a multiple-step income statement for fiscal year 2009. (Amounts in parentheses do not require a minus sign in front of them. Omit the "$" sign in your response.)

Helix COMPANY
Income Statement
For Year Ended January 31, 2009
$
Less : $

()

Expenses
Selling expenses
Total selling expenses
General and administrative expenses

Total general and administrative expenses

Total expenses
$
Check My WorkReferences
Worksheet Learning Objective: 04-A1 Learning Objective: 04-P3
Difficulty: Hard Learning Objective: 04-A2 Learning Objective: 04-P4
18.
value:
1 points

Requirement 3:
Prepare a single-step income statement for fiscal year 2009. (Omit the "$" sign in your response.)

Helix COMPANY
Income Statement
For Year Ended January 31, 2009
$
Expenses
$

Total expenses
$
Check My WorkReferences
Worksheet Learning Objective: 04-A1 Learning Objective: 04-P3
Difficulty: Hard Learning Objective: 04-A2 Learning Objective: 04-P4
19.
value:
1 points

Requirement 4:

Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2009. (Round your percentage answer to 1 decimal place and other answers to 2 decimal places. Omit the "%" sign in your response.)

Current ratio as of January 31, 2009
Acid test ratio as of January 31, 2009
Gross margin ratio as of January 31, 2009 %

Roshan kumar 09-Nov-2017

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