7:46 PM Tue Nov 16 30% ezto.mheducation.com (The following information applies to the questions displayed below.) Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals Debit Credit $ 8 4 4 8 $ 2 5 2 5 0 0 0 0 0 14 6 0 0 0 0 0 0 0 $29 $29 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $30 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $33 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4 $4 cash 7:46 PM Tue Nov 16 30% ezto.mheducation.com TULUI Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $30 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $33 cash on July 2, 2018. C. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $65, including $10 on credit and $55 received in cash. g. Recognized salaries and wages expense on December 7 of $38; paid in cash. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $2. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $2. p. Income tax expense for 2018 was $5 and will be paid in 2019. epare the closing journal entry. (If no entry is required for a transaction/eve lect "No Journal Entry Required" in the first account field. Enter your answ thousands of dollars.) ew transaction list ! Required information A > Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal .. 7:47 PM Tue Nov 16 30% ezto.mheducation.com vi var Te VIVITY CITY Tum Tequr ITTUIT urupropune upur TIVO 19 (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance (in thousands) Account Titles Debit Credit Cash Accounts Receivable 7 4 41 Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 52 $ 0 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Net Income Net Profit Margin %
