Financial Statements, Closing Entries & Ratio Analysis You are asked to support Telcel Company with its Financial Reporting requirements. The Senior Manager provided you with the following Adjusted Trial Balance: Telcel Company TRIAL BALANCE (Adjusted) 31-Mar-21

Debit Debit Credit

Cash 10,450 10,450

Accounts Receivable 16,800 16,800

Prepaid Rent 7,600 7,600

Supplies 1,500 1,500

Inventory 6,400 6,400

Buildings 125,000 125,000

Equipment 32,000 32,000

Accumulated Depreciation Equipment 7,200 7,200

Accumulated Depreciation Buildings 21,000 21,000

Accounts Payable 13,900 13,900

Notes Payable (due 2024) 49,000 49,000

Unearned Service Revenue 9,450 9,450

Share Capital 76,000 76,000

Retained Earnings 31,650 31 650

Dividends 8,000 8,000

Service Revenue 68,400 68,400

Advertising Expense 1,750 1,750

Salaries and Wages Expense 47,800 47,800

Utilities Expense 5,400 5,400

Supplies Expense 2,600 2,600

Depreciation Expense 8,400 8,400

Interest Expense 1,100 1,100

Rent Expense 1,800 1,800

Total 276,600 276,600

Additional Information:

2020 Data

Accounts Receivable $8,100

Total Assets $158,930

REQUIRED: a. Using the Adjusted Trial Balance above, prepare the following statements in proper form: i. Income Statement ii. Retained Earnings Statement iii. A classified Statement of Financial Position iv. A Post-Closing Trial Balance

Compute the following Ratios: i. Current Ratio ii. Acid-test Ratio iii. Accounts receivable turnover iv. Average Collection period v. Profit Margin vi. Debt to Total Assets vii. Return on Asset viii. Times Interest Earned