Chapter Fifteen Homework 1. Prepare the following financial ratios. If required, round your answers to two decimal places. Assume 36s days per year For retum on ownerseoulty, enter as apercent but do not ndude percent sign. Paulson's Pet Store completed the work sheet below for the year ended December 31, 20- owner's equity as of January 1, 20--, was s22,023 the Acoounts Receivable balance on January 1, was $3,760. The current portion of Mortgage Payable is $542. All sales are aedit sales. and on s Petstore work sheet For Year Ended December 31, 20 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INcoME STATEMENT BALANCE sHE ACCOUNT TITLE DEBIT CREDIT DEarr CREDIT CREDIT CREDIT 15,875 15.875 Accounts Receivable 2,370 14,976 (b) 16,456 (a) 14,976 16,456 Merchandise Inventory (c) 201 603 441 441 Prepaid Insurance 5,102 5,102 Equipment (e) 442 442 Accum. Depr-Equipment 4,876 4,876 Accounts Payable Sales Tax Payable