Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014. The annual reporting period ends December 31. The Trial Balance on January 1, 2015, was as follows:

Required: (answer questions 5-9)

5. Post adjusting entries from requirement 4 and prepare an adjusted trial balance.

6. Prepare an income statement, statement of retained earnings, and a balance sheet.

7. Prepare the closing journal entry.

8. Post the closing entry from requirement 7 and prepare a post-closing trial balance.

9. How much net income did the physical therapy clinic generate during 2015? What was its net profit margin? Is the business financed primarily by liabilities or stockholders' equity? What is it's current ratio?

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