Nelson Company Trial Balance January 31, 2016 Account Title Debit Credit 1,000 1

Question

Nelson Company Trial Balance January 31, 2016 Account Title Debit Credit 1,000 12,500 5,800 2,400 42,900 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation - Store equip Accounts payable Common stock Dividends Retained earnings Sales Sales discounts Sales returns and allowances Cost of goods sold Salaries expense Rent expense Advertising expense 15,250 10,000 5,000 2,200 27,000 111,950 2,000 2,200 38,400 35,000 15,000 9,800 169,200$ Total 169,200

Explanation / Answer

Nelson Company Income Statement (Unadjusted) For year ended January 31, 2016 Revenues Net sales $ 107,750 $111,950-$2,000-$2,200 Expenses Cost of goods sold $ 38,400 Total selling expenses $    9,800 Total general and administrative expenses $ 50,000 $35,000+$15,000 Total expenses $    98,200 Net income $      9,550

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