C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, L 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 simplity ecount Titles Debit Credit Cash 07 Accounts Receivable Supplies Equipment Related Depreciation software Melated Artisation Accounts Payable Notes Payable (whort-term salaries and Wages Payable rest Payable Income Taxes Payable Deferred Revenue Common stock Retained Earnings Nervice Revenge Depreciation Expense Amortisation Expenne Salaries and Mages Expense Supplies Expense Interest Expense Income Tax Expense Totala 0 0 0 0 $27 $27 Che Transactions during 2018 (summarized in thousands of dollars) follow a. Borrowed $20 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $23 cash on July 2, 2018 c.Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e Purchased supplies on July 5 on account for future use. $7. Recorded revenues on December 6 of $53, including $8 on credit and $45 received in cash. g. Recognized salaries and wages expense on December 7 of $28; paid in cash. h. Collected accounts receivable on December 8, 59. Paid accounts payable on December 9, $10. 1. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019, Data for adjusting Journal entrles on December 31: k Amortization for 2018, $2 Supplies of $3 were counted on December 31, 2018. m. Depreciation for 2018. $4. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2018 was $4 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (le, $100,000 should be entered as $100).) View transaction list View journal entry worksheet No Date Debit Credit 1 Jul 01, 2018 General Journal Cash Notes Payable (short-term) 22 22 2 Jul 02, 2018 Equipment Cash 25 25 3 Jul 03, 2018 5 Cash Common Stock 5 4 Jul 04, 2018 3 Software Cash 3 5 Jul 05, 2018 7 Supplies Accounts Payable 6 Dec 06, 2018 47 Cash Accounts Receivable Service Revenue 8 55 7 Dec 07, 2018 30 Salaries and Wages Payable Cash 30 8 Dec 08, 2018 9 Cash Accounts Receivable 9 Dec 09, 2018 Accounts Payable Cash 10 10 10 Dec 10, 2018 Cash 3 Deferred Revenue 3 11 Dec 31, 2018 1 Amortization Expense Accumulated Amortization 1 12 Dec 31, 2018 7 Supplies Expense Supplies 7 13 4 Dec 31, 2018 Depreciation Expense Accumulated Depreciation Equipment 4 14 Dec 31, 2018 1 Interest Expenso Interest Payablo 15 Dec 31, 2018 Salaries and Wages Expense Salaries and Wages Payable 4 16 Dec 31, 2018 4 Income Tax Expense Income Tax Payable 17 Dec 31, 2018 55 4 Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Retained Earnings 1 33 7 1 4 Enter all of your answers in thousands of dollars. (.e., $100,000 should be entered as $100).) General General Statement of Income Requirement Retained Tral Balance Balance Sheet Journal Analysis Ledger Statement Earnings Choose the appropriate accounts to be reported on the income statement, Select the "adjusted from the dropdown, which will then populate the balances in those accounts from the trial balance. Post-closing NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2018 (in thousands) Revenues Service Revenue $ 0 0 Expenses Supplies Equipment 3 33 0 0 0 0 Total Expenses Net Income 0 36 (36) $ Statement of Pation Encan (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) General General Requirement Statement of Income Trial Balance Ledger Journal Retained Balance Sheet Statement Analysis Earnings Prepare the statement of retained earnings for the year ended December 31, 2018. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings Post-closing NORTHLAND PHYSICAL THERAPY Statement of Retained Earnings For the Year Ended December 31, 2018 (in thousands) Balance, January 1, 2018 Less: Net Income Less: Dividends Balance, December 31, 2018 5 (36) (31) General General Requirement Statement of Income Journal Ledger Trial Balance Statement Retained Balance Sheet Analysis Earnings Use the dropdowns to select the accounts property included on the assified balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection Post.closing Assets Current Assets Cash Accounts Receivable Supplies NORTHLAND PHYSICAL THERAPY Balance Sheet At December 31, 2018 in thousands Liabilities Current 25 Accounts Payable 2 Notos Payable to com 3 Sales and Wages Payable 0 interest Payable Income Tax Payabile 0 Deferred Revenue 22 O g 30 $ Total Current Assets 3 Total Current Labs Stockholders' Equity 0 0 0 (36 0 0 Total Asset 5 30 (Enter all of your answers in thousands of dollars. (l.e. $100,000 should be entered as $100).) General General Income Statement of Requirement Journal Ledger Trial Balance Statement Retained Balance Sheet Analysis Earnings Calculate the Net Pofit Margin and Current Ratio. Net Income can be found on Income statertent tab. (Hint: Select Adjusted on the dropdown.) Post-closing Dates: Jan 01, 2015 to Dec 31, 2018 How much net incomodid Northland Physical Therapy, Inc. Donate during 2018? What was to not profit marin Round Net Pro Mamma Not Income $ Net Profit Margin 80% is the company financed primarily by liabilities or stockholders' equily Liabilities What is the current ratio? Current Ratio 0.97 (Enter all of your answers in thousands of dollars. (l.e. $100,000 should be entered as $100).) General General Income Statement of Requirement Journal Ledger Trial Balance Statement Retained Balance Sheet Analysis Earnings Calculate the Net Pofit Margin and Current Ratio. Net Income can be found on Income statertent tab. (Hint: Select Adjusted on the dropdown.) Post-closing Dates: Jan 01, 2015 to Dec 31, 2018 How much net incomodid Northland Physical Therapy, Inc. Donate during 2018? What was to not profit marin Round Net Pro Mamma Not Income $ Net Profit Margin 80% is the company financed primarily by liabilities or stockholders' equily Liabilities What is the current ratio? Current Ratio 0.97