1. Please design a series of CLOSING journals that cover Income Summary and then Total Equity

2. Based on the financial statements above, please calculate the companys total debt ratio, return on assets, gross profit margin, quick ratio and days sale of inventory?

3.Based on the ratios of 1, if $5,000 of the inventory is sold for cash, what are the new numbers for these ratios?

4. Based on the ratios of 1, if the company uses $20,000 cash to pay off long-term debt, what would be the new numbers for these ratios?

APPLE Income Statement For Fiscal Year Ended September 26, 2015 Revenues $233,715 Expenses Cost of goods sold) $140,089 Selling, general and other expenses 40,232 Total expenses 180 ,321 Net income $53,394 APPLE Statement of Owner's Equity For Fiscal Year Ended September 26, 2015 Owner, Capital, September 27, 2014 $111,547 Plus: Net income 53,394 Less: Withdrawals by owner 45,586 Owner, Capital, September 26, 2015 $119,355 Assets Cash Accounts receivable Inventory Land and equipment (net) APPLE Balance Sheet September 26, 2015 Liabilities $21,120 Accounts payable $35,490 16,849 Long term liabilities 135,634 22,471 Total liabilities 171,124 230,039 Equity Owner, Capital, September 26, 2015 119,355 Total assets $290,479 Total liabilities and equity $290,479 59