Check 11 Totalt 62.00 Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2011, (b) the statement of owner's equity for the year ended December 31, 2011, and (c) the balance sheet as of December 31, 2011. 2. Calculate the profit margin for year 2011 Quake Co. had the following transactions in the last two months of its fiscal year ended May 31. Problem 3-58 Apr 1 Paid $3,450 cash to an accounting firm for future consulting services Recording prepaid exper I Paid $2,700 cash for 12 months of insurance through March 31 of the next year. unearned revenues 30 Received $7,500 cash for future services to be provided to a customer P1 P4 May Paid $3,450 cash for future newspaper advertising. 23 Received $9,450 cash for future services to be provided to a customer. 31 of the consulting services paid for on April 1, $1,500 worth has been received. 31 A portion of the insurance paid for on April 1 has expired. No adjustment was made in April to Prepaid Insurance. 31 Services worth $3,600 are not yet provided to the customer who paid on April 30. 31 of the advertising paid for on May 1, $1,050 worth is not yet used. 31 The company has performed $4.500 of services that the customer paid for on May 23. Check 11 Totalt 62.00 Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2011, (b) the statement of owner's equity for the year ended December 31, 2011, and (c) the balance sheet as of December 31, 2011. 2. Calculate the profit margin for year 2011 Quake Co. had the following transactions in the last two months of its fiscal year ended May 31. Problem 3-58 Apr 1 Paid $3,450 cash to an accounting firm for future consulting services Recording prepaid exper I Paid $2,700 cash for 12 months of insurance through March 31 of the next year. unearned revenues 30 Received $7,500 cash for future services to be provided to a customer P1 P4 May Paid $3,450 cash for future newspaper advertising. 23 Received $9,450 cash for future services to be provided to a customer. 31 of the consulting services paid for on April 1, $1,500 worth has been received. 31 A portion of the insurance paid for on April 1 has expired. No adjustment was made in April to Prepaid Insurance. 31 Services worth $3,600 are not yet provided to the customer who paid on April 30. 31 of the advertising paid for on May 1, $1,050 worth is not yet used. 31 The company has performed $4.500 of services that the customer paid for on May 23