I need help with questions 2,5,6,7. I got help on the other ones, but I'm desperate for help with these! I know the 1 question limit, but it should be treated all as one question because they tail off of each other. I'd greatly appreciate the help, preferably in excel format! I have included the Journal entries and adjusted journal entries.

SMC, INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 Debit Credit 5 Revenue Sales Revenue $ 165,000.00 7 Rent Revenue $ 3,200.00 8 Total Revenues $ 168,200.00 9 Less:Cost of Goods Sold $ 92,000.00 10 Gross $ 76,200.00 11 Less: Operating expenses 12 Supplies expense $ 2,170.00 13 Salarie expense $ 40,100.00 14 rent expense $ 5,400.00 15 insurance expense $ 1,400.00 $ 49,070.00 16 operating income $ 27,130.00 17 Less: interest expense $ 833.00 18 income before tax 26297 19 less: income tax at 15% 3945 20 net income $ 22,352.00 21 Eps 22352/20000 sh. $ 1.12 SMC, INC ADJUSTED TRIAL BALANCE 12/31/19 4 ACCOUNT NAME DEBIT CREDIT 5 Cash 72955 6 Accounts Receivable 85000 7 Prepaid Insurance 1000 8 Prepaid Rent 1800 9 Inventory 18000 10 Supplies 600 11 Acocunts Payable 32000 12 uneamed Rent Revenue 1600 13 Income Taxes Payable 3945 14 Salaries Payable 9100 15 Interest Payable 16 Long-Term Bank Loan 20000 17 Capital Stock 70000 18 Retained Earnings-Beginning Balance 28025 19 Sales Revenue 165000 20 Rent Revenue 3200 21 C.O.G.S 92000 22 Supplies Expense 2170 23 Salaries Expense 40100 24 Rent Expense 5400 25 Insurance Expense 1400 26 Interest Expense 833 27 Income Tax Expense 3945 28 Dividend Expense 8500 29 TOTALS 333703 333703 833 Post Ref. Debit Credit Date 2/31/19 Description ADJUSTING ENTRIES 833 Interest Expense Interest Payable 5,400 Rent Expense Prepaid Rent 5.400 3.200 Unearned Rent Revenue Rent Revenue 3,200 1,400 Insurance Expense Prepaid Incsurance 1,400 0 2,170 Supplies Expense Supplies 2,170 9100.00 Salaries Expense Salaries Payable 9100.00 3945.00 Income Tax Expense Income Taxes Payable 3945.00 TOTAL 694193.00 694193.00 Debits $34.500 25.000 10,000 200 Accounts Receivable Inventory Supplies Accounts Payable Salaries Payable Income Taxes Payable. Capital Stock Retained Earning Total $12.000 1 000 3.675 25.000 28.025 S69.700 $69.700 You are also given the following information that summarizes the business activity for the current year.2019 L a issued 10.000 additional shares of capital stock for $45.000 cashon January 1st b. Borrowed $20,000 on March 1, 2019.From Downtown Bank as a longterm loan The interest rate on the loanis 5 and interest for the year is payable on January 1, 2020. c. Pald $7.200 cash on April to lease a building forone year. d. Received $4.800 on May 1 from a tenant for one year'srent. e. Paid $2.400 on June 1for a one-year insurance policy 1. Purchased $2,570 of supplies for cash on June 15th. & Purchased inventory for $100,000 on account on July 1. August 1, sold inventory for $165,000 on account cost of the merchandise sold was $92,000. Collected $105.000 cash from customers accounts receivable on August 20h. September 1. Paid $80,000 cash forinventories purchased earlierduring the year. September 20" paid $32,000 for sales reps'salaries, Induding $1.000 owe datthe beginning of 2018 L Dividends for $8,500 were paid on October 20th m. The income taxes payableatthebeginning of 2019 were paid on November 15th. n. For adjusting entries al prepaid expenses are initalyrecorded as assets, and all uneamed revenues are Initially recorded as labilities. At yearend. $600 worth of supplies are on hand p. At year-end, an additional $9.100 of sales salaries 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 You are asked to do the following on an excel spreadsheet: 1. Journaze the transactionsforthe current year, 2019, using the accounts listed on the financial statements and other appropriate accounts 2. Set up T accounts and enter the beginning balances from the December 31, 2018, post dosing trial balance for SMC Post all current year journal entries to the accounts. 3. Journal and post anycossary adjusting entries at the end of 2019. (Hint tembad.. Panda require austment.) 4. Arter the adjusting entries are posted, prepare an adjusted trial balance, an income statement statement of retained comings and a balance sheet for 2019. The format of your statements should minor those prepared by the company in 2018 5. Joumate and post closing entries for 2019 and prepare a post-closing trial balance 6. Compute the Current radio and Debt to Total Asset Ratio for 2018 and 2019 7. Interpretive Question What is your overal assessment of the financial health of SMC, Inc.? SMC, Inc. Balance Sheet December 31, 2018 Assets Cash Accounts receivable. Inventory Supplies Total assets... $34,500 25,000 10,000 200 $69.700 Liabilities and Stockholders' Equity $12,000 1,000 3,675 $16,675 Liabilities: Accounts payable... Salaries payable... Income taxes payable............................... Total liabilities Stockholders fequity: Capital stock (10,000 shares outstanding Retained earnings...... Total stockholders' equity.............. Total liabilities and stockholders' equity.... $25,000 28.025 53,025 $69.700 SMC, Inc. Income Statement For the Year Ended December 31, 2018 Sales revenue... $110.000 Rent $111.000 60.000 $ 51,000 $ Total revenues... Less cost of goods sold.... Gross Less operating expenses: Supplies expense. Salaries expense. Miscellaneous Income before taxes. Less income taxes Net income. Earnings per share ($20,825/10,000 shares) 400 22.000 4.100 26.500 $ 24,500 3,675 $20.825 $ 2.08 Post Date Description Ref. Debit Credit 2019 1/1 Cash 45,000 Capital Stock 45,000 3/1 Cash 20,000 Long-Term Bank Loan 20,000 4/1 Prepaid Rent 7,200 Cash 7,200 5/1 Cash 4,800 Unearned Rent Revenue 4.800 Prepaid Insurance 2.400 Cash 2,400 6/15 Supplies 2,570 Cash 2570.00 |_7/1 Inventory 100000.00 Accounts Payable 100000.00 8/1 165000.00 Accounts Receivable Sales Revenue 165000.00 Cost of Goods Sold 92000.00 IOTIDLA NITIE NITRIC ALTOLAIDAIANIA Accounts Payable 100000.00 8/1 Accounts Receivable 165000.00 Sales Revenue 165000.00 Cost of Goods Sold 92000.00 inventory 92000.00 8/20 Cash 105000.00 Accounts Receivable 105000.00 911 Accounts Payable 8000.00 Cash 8000.00 9/20 Salaries payable 1000.00 Salaries Expense 31000.00 Cash 32000.00 10/20 Dividend Expense 8500.00 Cash 8500.00 11/15 Income taxes Payable 3675.00 Cash 3675.00 SMC, INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2019 Debit Credit 5 Revenue Sales Revenue $ 165,000.00 7 Rent Revenue $ 3,200.00 8 Total Revenues $ 168,200.00 9 Less:Cost of Goods Sold $ 92,000.00 10 Gross $ 76,200.00 11 Less: Operating expenses 12 Supplies expense $ 2,170.00 13 Salarie expense $ 40,100.00 14 rent expense $ 5,400.00 15 insurance expense $ 1,400.00 $ 49,070.00 16 operating income $ 27,130.00 17 Less: interest expense $ 833.00 18 income before tax 26297 19 less: income tax at 15% 3945 20 net income $ 22,352.00 21 Eps 22352/20000 sh. $ 1.12 SMC, INC ADJUSTED TRIAL BALANCE 12/31/19 4 ACCOUNT NAME DEBIT CREDIT 5 Cash 72955 6 Accounts Receivable 85000 7 Prepaid Insurance 1000 8 Prepaid Rent 1800 9 Inventory 18000 10 Supplies 600 11 Acocunts Payable 32000 12 uneamed Rent Revenue 1600 13 Income Taxes Payable 3945 14 Salaries Payable 9100 15 Interest Payable 16 Long-Term Bank Loan 20000 17 Capital Stock 70000 18 Retained Earnings-Beginning Balance 28025 19 Sales Revenue 165000 20 Rent Revenue 3200 21 C.O.G.S 92000 22 Supplies Expense 2170 23 Salaries Expense 40100 24 Rent Expense 5400 25 Insurance Expense 1400 26 Interest Expense 833 27 Income Tax Expense 3945 28 Dividend Expense 8500 29 TOTALS 333703 333703 833 Post Ref. Debit Credit Date 2/31/19 Description ADJUSTING ENTRIES 833 Interest Expense Interest Payable 5,400 Rent Expense Prepaid Rent 5.400 3.200 Unearned Rent Revenue Rent Revenue 3,200 1,400 Insurance Expense Prepaid Incsurance 1,400 0 2,170 Supplies Expense Supplies 2,170 9100.00 Salaries Expense Salaries Payable 9100.00 3945.00 Income Tax Expense Income Taxes Payable 3945.00 TOTAL 694193.00 694193.00 Debits $34.500 25.000 10,000 200 Accounts Receivable Inventory Supplies Accounts Payable Salaries Payable Income Taxes Payable. Capital Stock Retained Earning Total $12.000 1 000 3.675 25.000 28.025 S69.700 $69.700 You are also given the following information that summarizes the business activity for the current year.2019 L a issued 10.000 additional shares of capital stock for $45.000 cashon January 1st b. Borrowed $20,000 on March 1, 2019.From Downtown Bank as a longterm loan The interest rate on the loanis 5 and interest for the year is payable on January 1, 2020. c. Pald $7.200 cash on April to lease a building forone year. d. Received $4.800 on May 1 from a tenant for one year'srent. e. Paid $2.400 on June 1for a one-year insurance policy 1. Purchased $2,570 of supplies for cash on June 15th. & Purchased inventory for $100,000 on account on July 1. August 1, sold inventory for $165,000 on account cost of the merchandise sold was $92,000. Collected $105.000 cash from customers accounts receivable on August 20h. September 1. Paid $80,000 cash forinventories purchased earlierduring the year. September 20" paid $32,000 for sales reps'salaries, Induding $1.000 owe datthe beginning of 2018 L Dividends for $8,500 were paid on October 20th m. The income taxes payableatthebeginning of 2019 were paid on November 15th. n. For adjusting entries al prepaid expenses are initalyrecorded as assets, and all uneamed revenues are Initially recorded as labilities. At yearend. $600 worth of supplies are on hand p. At year-end, an additional $9.100 of sales salaries 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 You are asked to do the following on an excel spreadsheet: 1. Journaze the transactionsforthe current year, 2019, using the accounts listed on the financial statements and other appropriate accounts 2. Set up T accounts and enter the beginning balances from the December 31, 2018, post dosing trial balance for SMC Post all current year journal entries to the accounts. 3. Journal and post anycossary adjusting entries at the end of 2019. (Hint tembad.. Panda require austment.) 4. Arter the adjusting entries are posted, prepare an adjusted trial balance, an income statement statement of retained comings and a balance sheet for 2019. The format of your statements should minor those prepared by the company in 2018 5. Joumate and post closing entries for 2019 and prepare a post-closing trial balance 6. Compute the Current radio and Debt to Total Asset Ratio for 2018 and 2019 7. Interpretive Question What is your overal assessment of the financial health of SMC, Inc.? SMC, Inc. Balance Sheet December 31, 2018 Assets Cash Accounts receivable. Inventory Supplies Total assets... $34,500 25,000 10,000 200 $69.700 Liabilities and Stockholders' Equity $12,000 1,000 3,675 $16,675 Liabilities: Accounts payable... Salaries payable... Income taxes payable............................... Total liabilities Stockholders fequity: Capital stock (10,000 shares outstanding Retained earnings...... Total stockholders' equity.............. Total liabilities and stockholders' equity.... $25,000 28.025 53,025 $69.700 SMC, Inc. Income Statement For the Year Ended December 31, 2018 Sales revenue... $110.000 Rent $111.000 60.000 $ 51,000 $ Total revenues... Less cost of goods sold.... Gross Less operating expenses: Supplies expense. Salaries expense. Miscellaneous Income before taxes. Less income taxes Net income. Earnings per share ($20,825/10,000 shares) 400 22.000 4.100 26.500 $ 24,500 3,675 $20.825 $ 2.08 Post Date Description Ref. Debit Credit 2019 1/1 Cash 45,000 Capital Stock 45,000 3/1 Cash 20,000 Long-Term Bank Loan 20,000 4/1 Prepaid Rent 7,200 Cash 7,200 5/1 Cash 4,800 Unearned Rent Revenue 4.800 Prepaid Insurance 2.400 Cash 2,400 6/15 Supplies 2,570 Cash 2570.00 |_7/1 Inventory 100000.00 Accounts Payable 100000.00 8/1 165000.00 Accounts Receivable Sales Revenue 165000.00 Cost of Goods Sold 92000.00 IOTIDLA NITIE NITRIC ALTOLAIDAIANIA Accounts Payable 100000.00 8/1 Accounts Receivable 165000.00 Sales Revenue 165000.00 Cost of Goods Sold 92000.00 inventory 92000.00 8/20 Cash 105000.00 Accounts Receivable 105000.00 911 Accounts Payable 8000.00 Cash 8000.00 9/20 Salaries payable 1000.00 Salaries Expense 31000.00 Cash 32000.00 10/20 Dividend Expense 8500.00 Cash 8500.00 11/15 Income taxes Payable 3675.00 Cash 3675.00