I need 2,5,6,7 Please! I know the limit is supposed to be one question but I feel that he whole thing needs to be done for it to make sense, I would love to see this answer in excel or in some sort of excel format. I have the others completed, but I don't understand how to do 2,5,6,7. Thank You!

SMC, Inc Balance Sheet December 31, 2018 Assets Cash. Accounts receivable. Inventory.un Supplies. Total assets. $34,500 25,000 10,000 200 $69.700 Liabilities and Stockholders' Equity Liabilities Accounts payable.. Salaries payable.. $12,000 1,000 3,675 Income taxes payable Total liabilities. Stockholders 'equity Capital stock (10,000 shares outstandingg). Retained earnings. mammnm Total stockholders' equity... Total liabilities and stockholders' equity. $16,675 $25.000 28,025 53,025 $69.700 SMC, Inc. Income Statement Forthe Year Ended December 31, 2018 Sales revenue... $110,000 1,000 Rent $111.000 60.000 51,000 Total revenues Less cost of goods sold Gross Less operating expenses: Supplies expense... Salaries expense... Miscellaneous 400 22.000 4.100 26,500 $24,500 3,675 $20.825 Income before taxes.. Less income taxes.. Net income. $ 2.08 Earnings per share ($20,825/ 10,000 shares) Debits Credits Cash $34,500 Accounts Rece vable. Inventory Supplies Accounts Payable. Salaries Payable. Income Taxes Payable. Captal Stock Retained Earnings Totals 25,000 10.000 200 $12.000 1000 3,675 25,000 28.025 s9.700 $69.700 You are also gven the following information that summarizes the business activity for the currentyear, 2019 a. Issued 10,000 addition al shares of capital stock for $45,000 cash on January 1st b. Borrowed $20,000 on March 1, 2019,from Downtown Bank as along term loan The interest rate on the loanis 5 %and Interest for the year is payable on January 1,2020 c. Paid $7,200cash on April 1to lease a build ing forone ye ar. d. Receved $4,800 on May 1 from a tenant for one year's rent Paid $2,400 on June 1fora one-year insurance policy. . Purchased $2,570 ofsupplies for cash on June 15th Purchased inventory for $100,000 on account on July 1 h August1, sold inventory for $165,000 on account; cost of the merchan di se sold was $92,000. L Collected $105,000cash from cust omers'a ccounts receivable on August 20h September 1Paid $80,000 cash forinventories purchased earlierduringthe year kSeptember 20 paid$32,000for sales reps'salaries, induding $1,000 owedatthe beginning of 2018. L Dividends for $8,500 were paid onOctober 20th m The income taxes payable atthebeginning of 2019 werepaid on November 15th. n. For adjustingentries, allprepaid expenses are initallyrecorded as assets, and all uneamed revenues are initally recorded as liabilities o. At yearend, $600 worth ofsupplies are on hand p At yearend, an additional $9,100 of sales salari es are owed, but have not yet been paid Prepare an adjusting entry to recognize the taxes owed for 2019. The corporate tax rate is 15 % of the income before income taxes. e. You are asked to do the following on anexcelspreadsheet Journalize the trans actionsfor the current year, 2019, using the accounts listed on the financial statements and other appropriate accounts 2. 1 Set up T-accounts and enter the beginning balancesfrom the December 31, 2018, post-dosing trial balance for SMC. Post all current year jounal entries to the T-acco unts 3. Jounaize and post any ne ce ss ary adjusting entries at the end of 2019. (Hint: tems b, G de, o, p, and q require adjust ment.) After the adjusting entries are posted, prepare an adjusted trial balan ce, an income stateme nt statement of retal ned eamings and a balance sheet for 2019. The format of your statements should mirror tho se prepared by the company in 2018. 4. 5. Jounalize and postclosing ent ries for 2019 and prepare a post clos ing trial bala nce. 6. Compute the Current ratio and Debt to Total Asset Ratio for 2018 and 2019 7. Interpretive Que stion What is your overall assessment of the financial health of SMC, Inc.? SMC, Inc Balance Sheet December 31, 2018 Assets Cash. Accounts receivable. Inventory.un Supplies. Total assets. $34,500 25,000 10,000 200 $69.700 Liabilities and Stockholders' Equity Liabilities Accounts payable.. Salaries payable.. $12,000 1,000 3,675 Income taxes payable Total liabilities. Stockholders 'equity Capital stock (10,000 shares outstandingg). Retained earnings. mammnm Total stockholders' equity... Total liabilities and stockholders' equity. $16,675 $25.000 28,025 53,025 $69.700 SMC, Inc. Income Statement Forthe Year Ended December 31, 2018 Sales revenue... $110,000 1,000 Rent $111.000 60.000 51,000 Total revenues Less cost of goods sold Gross Less operating expenses: Supplies expense... Salaries expense... Miscellaneous 400 22.000 4.100 26,500 $24,500 3,675 $20.825 Income before taxes.. Less income taxes.. Net income. $ 2.08 Earnings per share ($20,825/ 10,000 shares) Debits Credits Cash $34,500 Accounts Rece vable. Inventory Supplies Accounts Payable. Salaries Payable. Income Taxes Payable. Captal Stock Retained Earnings Totals 25,000 10.000 200 $12.000 1000 3,675 25,000 28.025 s9.700 $69.700 You are also gven the following information that summarizes the business activity for the currentyear, 2019 a. Issued 10,000 addition al shares of capital stock for $45,000 cash on January 1st b. Borrowed $20,000 on March 1, 2019,from Downtown Bank as along term loan The interest rate on the loanis 5 %and Interest for the year is payable on January 1,2020 c. Paid $7,200cash on April 1to lease a build ing forone ye ar. d. Receved $4,800 on May 1 from a tenant for one year's rent Paid $2,400 on June 1fora one-year insurance policy. . Purchased $2,570 ofsupplies for cash on June 15th Purchased inventory for $100,000 on account on July 1 h August1, sold inventory for $165,000 on account; cost of the merchan di se sold was $92,000. L Collected $105,000cash from cust omers'a ccounts receivable on August 20h September 1Paid $80,000 cash forinventories purchased earlierduringthe year kSeptember 20 paid$32,000for sales reps'salaries, induding $1,000 owedatthe beginning of 2018. L Dividends for $8,500 were paid onOctober 20th m The income taxes payable atthebeginning of 2019 werepaid on November 15th. n. For adjustingentries, allprepaid expenses are initallyrecorded as assets, and all uneamed revenues are initally recorded as liabilities o. At yearend, $600 worth ofsupplies are on hand p At yearend, an additional $9,100 of sales salari es are owed, but have not yet been paid Prepare an adjusting entry to recognize the taxes owed for 2019. The corporate tax rate is 15 % of the income before income taxes. e. You are asked to do the following on anexcelspreadsheet Journalize the trans actionsfor the current year, 2019, using the accounts listed on the financial statements and other appropriate accounts 2. 1 Set up T-accounts and enter the beginning balancesfrom the December 31, 2018, post-dosing trial balance for SMC. Post all current year jounal entries to the T-acco unts 3. Jounaize and post any ne ce ss ary adjusting entries at the end of 2019. (Hint: tems b, G de, o, p, and q require adjust ment.) After the adjusting entries are posted, prepare an adjusted trial balan ce, an income stateme nt statement of retal ned eamings and a balance sheet for 2019. The format of your statements should mirror tho se prepared by the company in 2018. 4. 5. Jounalize and postclosing ent ries for 2019 and prepare a post clos ing trial bala nce. 6. Compute the Current ratio and Debt to Total Asset Ratio for 2018 and 2019 7. Interpretive Que stion What is your overall assessment of the financial health of SMC, Inc