General Journal Date Account Name Account Debit Credit Number 7/1/22 Cash 111 100,000 Common Stock 311 100,000 7/2/22 Store Fixtures 144 16,000 Cash 111 16,000 7/3/22 Prepaid Insurance 119 6,000 Cash 111 6,000 7/5/22 Store Rent Expense 511 3,000 Cash 111 3,000 7/6/22 Merchandise Inventory 130 25,000 Accounts Payable 212 25,000 7/8/22 Store Supplies 117 600 Accounts Payable 212 600 7/10/22 Telephone Expense 517 200 Cash 111 200 7/1 1/22 Cash 111 1,200 Cost of Good Sold 411 600 Sales Revenue 505 1,200 Merchandise Inventory 130 600 7/18/22 Accounts Payable 212 300 Cash 111 300 7/20/22 Cash 111 7,000 Cost of Good Sold 411 3,500 Sales Revenue 505 7,000 Merchandise Inventory 130 3,500 7/25/22 Cash 111 5,000 Cost of Good Sold 411 2,500 Sales Revenue 505 5,000 Merchandise Inventory 130 2,500 7/26/22 Electric Expense 522 500 Cash 111 500 7/30/22 Dividends 313 1,500 Cash 111 1,500 Total: 172,900 172,900Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Janes Skateboard Post Closing Trial Balance For the Month Ended July 31, 20XX Account Account Name Debit Credit Number Cash 111 85,700 Store Supplies 117 250 Prepaid Insurance 119 5,500 Merchandise Inventory 130 18,400 Store Fixtures 144 16,000 Accumulated Depreciation -Fixtures 145 160 Accounts Payable 212 25,300 Income Tax Payable 213 295 Common Stock 311 100,000 Retained Earnings 312 95 Dividends 313 Sales Revenue 411 Cost of Good Sold 505 Store Rent Expense 511 Telephone Expense 517 Depreciation Expense 520 Electric Expense 522 Insurance Expense 525 Supplies Expense 530 Income Tax Expense 535 Total: 125,850 125,850Instructions: Ensure your Excel solutions below are rounded to nearest hundredth place (i.e. 55.476, should round to 55.48) Using Words, Show Formula Liabi Owner's Equity = Assets - 'S Explain What the Ratio Means, as it relates to s e i . Ratio Analysis Compute the Following: Jane's Skateboards Show Calculations Using an Excel Formula Current Ratio Debt to Total Assets Gross Profit Percentage Net Income by Net Sales Earnings per Common Share (EPS) Payout Ratio on Common Stock Instructions: Complete the income statement below then us it to compute Break-Even analysis. Jane's Skateboards Inc. Income Statement For the Month Ending July 31 Revenues: Sales Revenue Less: Variable Expenses Contribution Margin Less: Fixed Expenses Operating Income Break-Even in Sales Dollars = Break-Even in Units = Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the Accounts on the "2 - General Ledger" worksheet and compute ending balances. Closing entries are referenced in the General Ledger as CE#1, CE#2, etc. Date Account Name Account Number Debit Credit Cost of Good Sold 505 6,600 Store Rent Expense 511 3,000 Telephone Expense 517 200 Depreciation Expense 520 160 Electric Expense 522 500 Insurance Expense 525 500 Supplies Expense 530 350 Income Tax Expense 535 295 Total: 11,605Requirement #7: Prepare the financial statements for Jane's Skateboard's as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Jane's Skateboards Inc. Jane's Skateboards Inc. Jane's Skateboards Inc. Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending July 31 For the Month Ending July 31 July 31 Assets Revenues: Retained Earnings, July 1 Assets: Sales Revenue 13,200 Add: Net Income Cash Total Revenue Subtotal Store supplies Less: Dividends Prepaid Insurance Expenses: Retained Earnings, July 31 Merchandise Inventory Cost of Goods Sold Store fixtures Store Rent Expense Less: Accum. Dep - Fixtures. Telephone Expense Total Assets 125,690 Insurance Expense Store Supplies Exp. Liabilities and Stockholders' Equity Depreciation Exp. Liabilities: Income Tax Expense Accounts Payable Electric Expense Total Expenses Net Income Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 100,000 95 100,095 125,690 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Janes Skateboard Adjusted Trial Balance For the Month Ended July 31, 20XX Account Name Account Debit Credit Number Cash 111 85,700 Store Supplies 117 250 Prepaid Insurance 119 5,500 Merchandise Inventory 130 18,400 Store Fixtures 144 16,000 Accumulated Depreciation -Fixtures 145 160 Accounts Payable 212 25,300 Income Tax Payable 213 295 Common Stock 311 100,000 Retained Earnings 312 Dividends 313 1,500 Sales Revenue 411 13,200 Cost of Good Sold 505 6,600 Store Rent Expense 511 3,000 Telephone Expense 517 200 Depreciation Expense 520 160 Electric Expense 522 500 Insurance Expense 525 500 Supplies Expense 530 350 Income Tax Expense 535 295 Total: 138,955 138,955Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations using Excel formulas! 1) One month's insurance has expired. 2) The remaining inventory of store supplies is $250. 3) The estimated depreciation on store fixtures is $160. 4) The estimated income taxes are $295. Requirement #5: Post the adjusting entries on July 31 below to the General Ledger accounts (2 - General Ledger worksheet). Adjusting entries are referenced in the General Ledger as AE#1, AE#2, etc. Date Account Name Account Number Debit Credit Insurance Expense 525 500 Prepaid Insurance 119 500 Supplies Expense 530 350 Store Supplies 117 350 Depreciation Expense 520 160 Accumulated Depreciation -Fixtures 130 160 Income Tax Expense 535 295 Income Tax Payable 145 295REQUIREMENT #3: Prepare a trial balance for July in the space below. Janes Skateboard Trial Balance For the Month Ended July 31, 20XX Account Name Account Debit Credit Number Cash 111 85,700 Store Supplies 117 600 Prepaid Insurance 119 6,000 Merchandise Inventory 130 18,400 Store Fixtures 144 16,000 Accumulated Depreciation -Fixtures 145 Accounts Payable 212 25,300 Income Tax Payable 213 Common Stock 311 100,000 Retained Earnings 312 Dividends 313 1,500 Sales Revenue 411 13,200 Cost of Good Sold 505 6,600 Store Rent Expense 511 3,000 Telephone Expense 517 200 Depreciation Expense 520 Electric Expense 522 500 Insurance Expense 525 Supplies Expense 530 Income Tax Expense 535 Total: 138,500 138,500