Complete the Following rations for Quixote Consulting used in Unis 2 and 3. You may use formulas as needed Formula (words) A. Liquidity Ratios 1. Current Ratio 2. Acid Test Ratio 3. Inventory turnover 4. Accounts Receivable turnover B. Solvency Ratios 1. Debt to Total Asset ratio 2. Times-interest-earned ratio C. Profitability Ratios 1. Profit Margin 2. Asset Turnover 3. Return on Assets 11 = 11 = = 11 11 = Calculation (numbers) = = II 11 11 = Result times times % times % % % Requirement #8: Prepare the closing entries at June 30 in the General Journal below. Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. General Journal Date Description (Account Name) Debit FEES EARNED TO INCOME STATEMENT INCOME SUMMARY SALARY EXPENSE RENT EXPENSE SUPPLIES EXPENSE DEPRECIATION EXPENSE INSURANCE EXPENSE MISCELLANEOUS EXPENSE DUSTIN LARKIN CAPITAL DUSTIN LARKIN DRAWING INCOME SUMMARY TO DUSTIN LARKIN CAPITAL 12425 4500 4500 7925 Credit 12425 920 1500 980 500 150 450 4500 7925 Post-Closing Trial Balance CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID RENT PREPAID INSURANCE OFFICE EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARY PAYABLE UNEARNED FEES DUSTIN LARKIN CAPITAL 8875 3450 1020 3000 1650 9300 27295 500 1000 120 2000 23675 27295 Income Statement JUNE Revenues: Fees earned Expenses: INSURANCE EXPENSE SUPPLIES EXPENSE DEPRECIATION SALARIES EXPENSE RENT EXPENSE MISCELLANEOUS EXPENSE Total Expenses Net Income Statement of Owners Equity Retained Earnings, October 1 Add: Additional Investment Add: Net Income Subtotal Less: Dividends Retained Earnings, October 31 Assets: CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID RENT PREPAID INSURANCE OFFICE EQUIPMENT TOTAL ASSETS Liabilities: ACCOUTNS PAYABLE UNEARNED FEES SALARIES PAYABLE Total Liabilities Stockholders' Equity DUSTIN LARKIN CAPITAL DUTIN LARKIN DRAWINGS RETAINED EARNINGS Total Stockholders' Equity Total Liabilities & Stockholders' Equity Balance Sheet 150 980 500 920 1,500 450 20250 7,925 8,875 3,450 1,020 3,000 1,650 8,800 26,795 1,000 2,000 120 3,120 20,250 4,500 7,925 12,425 4,500 7,925 4500 23675 23,675 26,795