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Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March 31, 2024. Juan

Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March 31, 2024. Juan has also completed a correct trial balance as follows:

JUAN REAL ESTATE COMPANY
Adjusted Trial Balance
At March 31, 2024
Account Titles Debit Credit
Cash $ 58,000
Accounts receivable 47,300
Office supplies inventory 550
Automobiles (company cars) 35,000
Accumulated depreciation, automobiles $ 12,500
Office equipment 3,500
Accumulated depreciation, office equipment 1,250
Accounts payable 21,500
Salaries and commissions payable 1,750
Note payable, long term 35,000
Contributed capital (30,000 shares) 40,000
Retained earnings (on April 1, 2023) 8,100
Dividends declared 8,500
Sales commissions 79,500
Management fees 15,500
Operating expenses (detail omitted to conserve your time) 53,000
Depreciation expense (including $750 on office equipment) 6,500
Interest expense 2,750
Totals $ 215,100 $ 215,100

Assuming a 30 percent tax rate.

Required:

1. Prepare a statement of earnings for the fiscal year ended March 31, 2024. (Round "Earnings per share" to 2 decimal places.)

2. Prepare the journal entry to record income taxes for the year (not yet paid). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Prepare a classified statement of financial position at March 31, 2024.

4. Compute the net profit margin ratio and the return on equity. (Round the final answers to the nearest whole number)

5. Prepare the closing entries at March 31, 2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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