MGMT210: Course Project Requirement Requirement Description Worksheet Name Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of RatiosCourse Project Overview The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. . There are eight worksheets in the workbook you will need to complete. . A list of March transactions Before You Begin: . A Chart of Accounts reference sheet Review the Week 2 Lecture prior to . A Grading Rubric to help explain what is expected. starting work on this project. . Each worksheet has the Check Figures embedded as a comment. Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to Scenario refer to both throughout the project. You've just secured a new client in your accounting practice, Howard's Flight Radio Management Review the Grading Criteria. SAVE your work frequently in this Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, workbook. Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM.Requirements MGMT210: Course Project Requirement Requirement Description Worksheet Name Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12.During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,160. March 1 Paid the current month's rent expense, $1,800. March 3 Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $400. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $2000. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450. March 31 Cash FMS repair revenue for the last third of March, $1,500. March 31 Paid the current month's electic bill, $300. March 31 Declared and paid cash dividend of $1,000.Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit Review Chapter 2, p. 90 for more 119 Repair Supplies Debit information on 144 Repair Equipment Debit the Chart of 145 Accum Dep -Repair Equipment Credit Accounts Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense DebitAnything in yellow needs to be manually inputted Must be Manually Updated From "March Transactions" Data Just be Manually Updated From "Adjusting Entries" Dat Event Entry Monthly Exp Monthly Insurance Exp 180 Cash 22500 Inventory Repair Supplies 200 450 Shares 2250 Repair Equip Depreciation 150 Share Price 10 Income Tax 100 10 Total Stock Value 22500 11 Insurance 2160 180 12 Month's Rent 1800 13 Repair Equipment 5800 Automatically Updated From "March Transactions" Date 14 Paid Down on Equipment 2200 15 Equipment Balance 3600 300 Total Revenue 5950 16 Repair Supplies on Credit 650 Total Monthly Expense 3380 17 Telephone Bill March 400 Accounts Payable 3850 18 Revenue 3/1-3/10 2000 19 Paid Gary Company 400 20 Revenue 3/10-3/20 2450 21 Revenue 3/20-3/31 1500 22 Electic Bill 300 23 Declared and paid Dividend 1000 24 25 26 27 28 29 30H A B C D F G General Journal Account Once you've completed Number from this requirement print your Chart of General Journal to Date Accounts fab count Title from Chart of Accounts i Debit Credit complete Requirement #2 1-Ma 171 Cash 2,250 on the General Ledger 311 Common Stock 2,250 worksheet 1-Mar Prepaid Insurance 2,160 111 Cash 2,160 1-Mar 511 Rent Expence 1,800 111 Cash 1.800 3-Ma 144 Repair Equipments 5,800 212 Accounts Payable 5.800 111 Cash 8-Mar 119 Repair Supplies 650 212 Accounts Payable 550 10-Mar 512 Telephone Expense 400 111 Cash 400 11-Mar 111 Cash 2,000 23 411 MS Repair Revenue 2,000 18-Mar 212 Accounts Payable 400 111 Cash 400 20-Mar 111 Cash 2,450 411 FMS Repair Revenue 2,450 30 31-Mar 111 Cast 1,500 411 1,500 32 FMS Repair Revenue 31-Mar 517 Electric Expense 300 111 Cash 300 31-Mar 312 Retained Earnings 1,000 38 313 Dividends 1,000 31-Mar 313 Dividends 1,000 111 cash 1.000 21,710 21,710REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. a W N Cast /fir) Fate FMS Acoan Acrease /474) 1-Mar 22,500 -Mar 2,250 1-Mar 2,160 3-Mar 1800 10-Mar 400 This worksheet will be used to complete 11-Mar Requirements #2, #5 and #9. Instructions 2,000 18-Mar 400 for #5 can be found on the Adjusting 20-Mal Entries Worksheet. Instructions for #9 can 2.450 31-Ivar 1,000 be found on the Closing Entries 31-Mar 300 Worksheet. 31-Mar 27,950 8,310 17 Prepaid loserance /17) Store Rent Expense /}} 20 1-Mar 2,160 -ME 1,800 26 Repair Supplies /715) Telephone Expense /512} B-Mar 650 10-Mar 400 Repair Equipment /144) 3-Ma 5,800 Exm. Deer.-Repair Equipment /1 Accounts Payable (2127 3-Mar 5,800 52 3-Mar 650 53 18-Mar 400 Jacome Taxes Payable (215} Common Stock ($81} 1-Mar 22,500 31-Ma Retained Earnings ($12) 75Sirideads ($15) 21-Mar 1,000REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance Only enter March 31 accounts that Account Account have a balance. Balance Number Title Debit CreditRequirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit OHoward's Flight Radio Management Corporation Adjusted Trial Balance Only enter March 31 accounts that Account Balance have a balance. ccount Number Title Debit Credit DRequirement #1: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March Si in the space below. 'T'ou will onlyr be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation oward': Flight Radio Management Corporatio Howard's Flight Radio Management Corporation income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March at For the Month Ending March at March at Revenues: Retained Earnings, March 1 Assets: FMS Repair Revenue Add: Net Income Cash Total Revenue Subtotal Prepaid Insurance LE: Dividends RepairSuppIies Expenses: Retained Earnings, March 31 Repair Equipment Store Rent Expense LE Accum. Depr. Telephone Expense Total Assets Insurance Expense Repair Supplies Exp. Liabilities and Stockholders Equity Depreciation Exp. Liabilities: Income Taxes Expense Accounts Payable Electric Expense Income Taxes Payable Total Expenses Total Liabilities Net Income Stockholders' Equity: Common Stock. Retained Earnings Total Stockholders' Equity Total Liabilities a Stockholders' Equity Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit CreditNet Profit Margin Ratios Computation Formula Net Income - Preferred Dividends / Net Sales Rate of Return on Total Assets Formula Computation Net Profit Margin Ratio X Assets Turnover Ratio (Net Income - Preferred Dividends/ Net Sales ) X(Net Sales / Average Total Assets) X Alternatively Computation Net Income - Preferred Dividends / Average Total AssetsPlease enter what each of the ratio results from Spreadsheet 11 mean for the company.Requirement #8: Prepare the closing entries at March 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 T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Account Number from Chart of Accounts Date tab Account Title from Chart of Accounts tab Debit Credit