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Need help finishing 6-11 requirements Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 Cash Prepaid Insurance Repair Supplies Repair
Need help finishing 6-11 requirements
Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Review Chapter 2 p. 90 for more information on the Charl of Accounts Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Eamings Dividends Credit Credit Debit Revenue 411 FMS Repair Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Exoense Electric Expense Debit Debil Debit Debit Debit Debit Debit Repair Supplies (119) 650 Telephone Expense (512) 340 8-Mar 10-Mar Bal 650 Bal 340 Repair Equipment (144) 5,800 Insurance Expense (513) 3-Mar Bal 5,800 Accum Dep-Repair Equipment (145) Repair Supplies Exponse (514) Accounts Payable (212) pp Expense-Repair Equipment (51 3-Mar 8-Mar 18-Mai 4,800 650 400 Bal 400 (5,050) Income Tax Payable (212) Income Tax Expense (516) General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts lab Debit Credit REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Palanca Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Balance Title Debit Credit Account Number 1 ? Requirement #7: Prepare the linancial statements for Howard's Flight Radio Management Corporation as of Merch 31 in the space below. You will only be preoaring the income Statement. Statement of Retained Eorning, and the balance Sheet The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Fight Radio Management Corporation Income Statement For the Month Ending March 37 Howard's Flight Radio Management Corps Balance Sheet March 31 Revenues: FMS Repal Revenue Tolal Revenue Howard's Fight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividenck Retained Earnings, March 31 Assets: Cash Prepoldinance Repair Supplies Repair Equipment Less: Accum. Depr Total Assets Expenses: Store Rent Expense Telephone Expanse Insurance Expense Repar Supoiles Exp Depreciation Exp. Income Taxes Expence Electric Expense Total Expenses Labilties and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Nel income Stockholders' Equily: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders Equity MarchTransactions Chart of Accounts. Joumal Entries - General Ledger 3 Tal Balance ABS Adjusting Entes - Adjusted TR Financial Statem 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 General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credil 3 1 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 Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Balance Title Debit Credit Account Number Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios &: 5 Adjusting Entries 6 - Adjusted TB 7 - Financial Statements 8 & 9--Closing Entries 10 - Post Closing Trial Balance 11- RatiStep by Step Solution
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