Need help finishing 8-12.
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 Date March 1 March 1 March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,400. Paid the current month's rent expense, $1,900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 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 March 11 Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March, $1,650. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. March 18 March 20 March 31 March 31 March 31 Cash FMS repair revenue for the last third of March, $1,250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. Requirement #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 $120. d) The estimated income taxes are $65. 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 Credit Date 31-Mar Debit 200 Account Number from Chart of Accounts tab 513 117 514 119 515 144 516 213 200 31-Mar 450 Account Title from Chart of Accounts tab Insurance Expense (2,400x1/12) Prepaid Insurance Repairs Supplies Expense Repair Supplies Dep Expense - Repair Equipment Repair Equipment Income Tax Expense Income Tax Payable 450 31-Mar 120 120 31-Mar 65 65 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 111 Cash 18,060 117 Prepaid Insurance 2,200 119 Repair Supplies 200 144 Repair Equipment 5,800 145 Accum Dep - Repair Equipment 120 212 Accounts Payable 5,050 213 Income Tax Payable 65 311 Common Stock 20,000 313 Dividends 1,000 411 Bicycle Repair Revenue 5,350 511 Store Rent Expense 1,900 512 Telephone Expense 340 513 Insurance Expense 200 514 Repair Supplies Expense 450 515 Dep Expense - Repair Equipment 120 516 Income Tax Expense 65 517 Electric Expense 250 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 tab Date Account Title from Chart of Accounts tab Debit Credit 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 Credit 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 Rate of Return on Total Assets
