Need to finish requirements from 8 - 12

MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 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 Date March 1 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. March 1 March 1 March 3 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 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Purchased repair supplies from Gary Company on credit, $650. 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. 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. Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit 145 Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Bicycle 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 Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit REQUIREMENT #2: Post the March joumal entries to the following T-Accounts and compute ending balances. PREPAID INSURANCE 117 2,400 CASH 111 20,000 1,650 2,450 1,250 2,400 1,900 1,000 340 400 250 1,000 Balance 2,400 25,350 18,060 7,290 Unadj. Balanace REPAIR SUPPLIES 119 650 REPAIR EQUIPMENT 144 5,800 Balance 650 Balance 5,800 ACCOUNTS PAYABLE 212 400 COMMON STOCK 311 20,000 4,800 650 Balance 400 Balance 20,000 5,450 5,050 DIVIDENDS 313 1,000 BICYCLE REPAIR REVENUE 411 1,650 2,450 1,250 5,350 Balance 1,000 Balance STORE RENT EXPENXE 511 1,900 TELEPHONE EXPENSE 512 340 Balance 1,900 Balance 340 ELECTRIC EXPENSE 517 250 Balance 250 REQUIREMENT #3: Prepare a trial balance for March in the space below. Account Number 111 117 119 144 212 311 313 411 511 512 517 Howard's Flight Radio Management Corporation Trial Balance March 31 Account Balance Title Debit Credit Cash 18,060 Prepaid Insurance 2,400 Repair Supplies 650 Repair Equipment 5,800 Accounts Payable 5,050 Common Stock 20,000 | Dividends 1,000 Bicycle Repair Revenue 5,350 Store Rent Expense 1,900 Telephone Expense 340 Electric Expensee 250 30,400 30,400 Requirement #4: Prepare adjusting entries using the following information in the General Joumal 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 Account Number from Chart of Date Accounts tab 31-Mar 117 Credit Account Title from Chart of Accounts tab insurance expense prepaid insurance Debit 200 513 200 31-Mar 450 514 119 repair supplies expense repair supplies 450 31-Mar 515 120 145 dep expense - repaire equipment accumulated depreciation - repair equipment 120 31-Mar 516 65 213 income taxes expense income taxes payable 65 31-Mar 312 3,325 511 512 513 514 515 516 517 retained earnings store rent expense telephone expense insurance expense repair supplies expense dep expense - repaire equipment income taxes expense electric expense 1,900 340 200 450 120 65 250 1,000 312 513 retained earnings dividends 1,000 5,160 5,160 Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Eaming, 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 Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheer March 31 Revenues: FMS Repair Revenue Total Revenue $350 5,350 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, March 31 $0 2,025 2,025 1,000 $1,025 Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr. Total Assets $18,060 2,200 200 5,800 (120) $26,140 Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Taxes Expense Electric Expense Total Expenses 1,900 340 200 450 120 65 250 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities 5,050 65 5,115 325 Net Income 2,02 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 20.000 1,025 21,025 Total Liabilities & Stockholders' Equity $26,140 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 0 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 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 Rate of Return on Total Assets Inrerpretation of ratios