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): Debit Credit 2 2 10 0 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-ters) Salaries and ages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense sortiration Expense Salaries and wages Expense Supplies Expense Interest Expense Income Tax Expense 13 528 528 Transactions during 2018 (summarized in thousands of dollars) follow a Borrowed $13 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $16 cash on July 2, 2018. c Issued additional shares of common stock for $6 on July 3. d. Purchased software on July 4, $2 cash e. Purchased supplies on July 5 on account for future use, $8. f. Recorded revenues on December 6 of $47, including $9 on credit and $38 received in cash g. Recognized salaries and wages expense on December 7 of $21; paid in cash h Collected accounts receivable on December 8, $8. 1. Paid accounts payable on December 9, $9. j. Received a $2 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, $3. 7. Supplies of $2 were counted on December 31, 2018 m. Depreciation for 2018. $3. In. 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 $3 and will be paid in 2019, (Enter all of your answers in thousands of dollars. (.e., $100,000 should be entered as $100).) 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. Adjusted NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2018 [in thousands) $ 0 0 0 0 0 0 0 0 0 0 1 General Statement of General Income Requirement Trial Balance Retained Balance Sheet Journal Ledger 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. book Print Adjusted NORTHLAND PHYSICAL THERAPY Statement of Retained Earnings For the Year Ended December 31, 2018 in thousands Balance, January 1, 2018 Terences 0 Balance, December 31, 2018 NORTHLAND PIIY SECAL THERAPY Balance Shen Am 11.2010 0 0 0 0 0 0 0 0 0 0 0 Statement of General General Income Requirement Trial Balance Retained Ledger Balance Sheet Analysis Journal Statement Earnings Calculate the Net Pofit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint: Select Adjusted on the dropdown.) to: Dec 31, 2018 Adjusted Dates: Jan 01, 2015 How much net income die Northlarid Physical Therapy Inc, generate during 2018? What was its net profit margin? Net Income Net Profit Margin Is the company financed primarily by liabilities or stockholders equity? What is the current ratio? Loungewento de plocen Current Ratio
