Garner Management Service, Inc. has the following two trial balances (un-adjusted and adjusted) for the year ending December 31, 2014. The unadjusted trial balance was prepared before the adjusting entries were done. The columns on the right, include the effect of the adjusting entries. As an accountant for Garner Management Service, you been asked to complete the accounting cycle for this service provided company. You will be required to analyze the adjusted trial balance and determine what adjusting entries are required to go from the un-adjusted trial balance to the adjusted trial balance.

Instructions:

Using the attached excel-work book.

1. Complete the worksheet for Garner Management Service. You will need to complete columns (G, I, O, Q, S & U). Use tab Worksheet.
2. Prepare the end-of-year adjusting journal entries using the adjusted trial-balance as the base. Use tab Adjusting Entries.
3. Using the completed worksheet from step #1, prepare the following financial statements:

• Income Statement. Use tab Income Statement.
• Statement of retained earnings (the beginning balance was $42,000). Use tab Retained earning.
• A classified Balance Sheet. (Note: $25,000 of the mortgage payable is due for payment next year). Use tab Balance Sheet.

4. Journalize the closing entries. Use tab Closing Entries.
5. Prepare the post-closing trial balance. Use tab Post Closing Trial Balance.
6. Prepare the following rations ratios: (Use tab Ratios).
   1. Current Ratio
   2. Working Capital
   3. Debt Ratio
   4. Accounts Receivable Turnover
   5. Deb Equity
   6. Return on total assets

Additional information:

• The ending balance for the total assets for 2013 was $375,950.
• During 2014 only service revenue was 100% on credit and rent revenue was on cash.
• The ending balance for accounts receivable for 2013 was $50,500.

	GARNER MANAGEMENT SERVICES INC.
	Post-Closing Trial Balance
	December 31, 2014
			Debit	Credit

	GARNER MANAGEMENT SERVICES INC.
	Ratio Analysis
	For 2014
	Current Ratio
	Working Capital
	Debt Ratio
	Accounts Receivable Turnover
	Deb Equity
	Return on total assets

Need Help on 4,5 6 with all work shown! Thanks!