Please complete requirement $8-12$

Course Project Overview The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of '11>ek g. See the Modules section for due date information. All ofthe information you need to complete the Courr Project is located in this There are eight worksheets in the workbook you need to complete. A list of March transactions A Chart of Accounts reference sheet A Grading Rubric to help explain Ihhat is expected. Each Iharksheet has the Check Figures embedded as a comment You-ve just Ecured a new client in your accounting practice, Howard' g Flight Radio Ilana-emeut Corporation (EFRAT' , a brand small business specializing in flight management systems The Howard Allan: is a former Air Force pilot and retired Colonel, but definitely not an accountant Your job is to help put his in order. Luckily Hcnvard has only been in operation for a month and things have rnt gotten too cut ofhand vet! Howard has to submit financial statements to his investors and doem:t know where to begin. It's pur job to go through the complete Accounting cycle to prepare the financial 3tatementg for the HFR_M. Requirements Req me MGMT210: Course Proje R equ" me r M Use the emtedded usistance in the template, in your textbook, and examples in the ueekly assignments to complete this project. Should have any questions contact your professor. During its first month of operation, HFRM completed the following transactions. 'vlarch I March S >larch S March 10 March I S 20 March 31 vlarch 31 March 31 Lia bilities Stockholders Equity Exp enses March Transactions Transaon Des n Began busines by making a deposit in a company bank account of 522500, in exchange for 2,250 shares ofSIO par value common stock. Paid the premium on a I-year insurance policy, S2, 160. Paid the cunent month's rent expense, S I ,SOO_ Purchased repair equipment Yom Fred Company, Ss, SOC Paid 2200 doun and the balance placed on account The rest uill be paid in equal papnents 0'.zr the next 12 months. The first pa3ment is due 4'1. Note: Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, Paid telephone bill for March. 5400. Cash flight management system (FMS) repair revenue for the first third S2000. Made to Garv Company, 5400. Cash FMS repair revenue for the second third of Me S2 Cash revenue for the last third of March, Paid the cunent month's electic bill, S300. Declared and paid cash dividend of S I ,COO. 212 411 Chan of Accounb Chart of Accounts Prepaid Insurance Repair Suppl i es Repair Equipment Accum Dep -Repair Equipment Accounts Payable Income Tax Payable Common Stock Retained Em-nin-s Store Rent Expense Telephone Expen Insurance Expense Repair Suppl Expense Dep Expense - Repair Equipment Income Tax Expense IWfrom Gart prepid Store rent expense cash Repair equipment cash account payble repair supplies able telephone expense cash accounts payable cash cash electric expense Normal Balance Debit Debit Credit Debit Debit Debit Debit D 2200 22500 2,160 2,160 2.0001 z ooo 1,500 300 REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending 16 una I-Mar I-Mar I-Mar a-Mar 10-Mar 11 Mar lb-Mar 20-Mar 31 Mar 31 Mar 31 Mar . balance I-Mar 8-Mar 3-Mar a-Mar a-Mar 18-Mar I-Mar 21-Mar Cash (111) 22 500 2 ooo 2 450 1 500 balances 2160 1 goo 2 200 1 ooo 20 <90. 2 160 FMS Revenue (411) II-Mar II-Mar 31-Mar (511) I-Mar 1 800 (119) (512) 10-Mar (513) 5 800 Aa:um. Equimwlt (145) (514) Acawn& PayaBe (212) (51: Cano-nn (311) 22 500 Div"ends (313) 1 ooo 31-Mar Howard's Flight Radio Management Corporation Trial Balance March 31 pzep repair equipment accounts payable repair supplies telephone bill repair revenue electric bill ld I vidents Only enter accounts that a balance. 20 Igo 2,160 1.300 1000 32,300 5,950 322300 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 remammg inventory of repay supplies 3200. c) The estimated depreciation on repay equipment is SI d) The estimated income taxes are S Requirement Post the adjusting entries on March 3 1 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Acco unt Numb from Chart of Account Tide from Chan of Accounts tah InsurmceEx en::: Prepaid Inmrznce Repair Supplia expenses Repair Supplies Repair Equipment Accumalated depreciation- Repair Equipment Income Tax expense Income Tax expense REQUIREMENT Prepare an Adjusted Trial Balance in the space below Howard's Flight Radio Management Corporation Account Number 144 119 311 313 411 213 117 512 517 513 516 Adjusted Trial Balance March 31 A ccount Repair Equipment Repair Supplies Common Stock Store Rent Expenses Dividends Accounts Payables FMS Repair Revenue Income Tax Payable Prepaid Insurance Telephone Expenses Electric Expenses Insurance Expenses Repair Supplies expenses Dep. Expense - Repair Equipment Accumalated Dep. - Repair Equipment Income Tax expense Only enter accounts that have a balance. Balance 20,190 -f,soo 1,000 33,850 5,950 1,980 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 preparmg the Income Statement, Statement of Retained Earning: and the Balance Sheet. The Statement of Cash Flows a required Financial Statement: but is not required for this project. Howard's Flight Radio Management Corporation Income Staremenr For the Month Ending March 31 Howard's Flight Radio Management Corporation Statem ent of Retained Earnings For the Monrh Ending March 31 Howard 's Flight Radio Managemenr Corpo Balance Sh eet March 31 FMS Repair Revenue Total Reve nue Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp _ Depreciation Exp Encom e Expense Electric Expense Total Expenses Net Income Qetained Earnings, March I Add Net Income Subtotal Less Dividends Retained Earnings, March 31 2,570 2,570 1,000 l.soa Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr_ Total Assets Liabilities and Stockholders' Liabilities: Accounts Payable Income Taxes Pavable Total Liabilities Stockholders ' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 1,980 -f,soo 328,020 22,500 1,570 Requirement Prepare the closing entries at March 31 in the General Joumal below. Hint:Use the balances for each account nhich appear on the Adjusted Trial Balance for your closing entries. Requirement Post the closing entries to the T-Accounts on the General Ledger and compute ending Balances. Just add to the adjusted balances already listed. Numberfrom Chart Ill' Jiecounb General Journal Account Tfrom Gaff of Accounb Cre 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 data Statt Baluce by in 7 / Liabditie Total ; C. Equity Net Total Net Pmfit Mugin R*tim Net Lnc - J Net Sale Rate of Total Net Proft Mygin X T (Net - Dividends' Net Sae ) X(Net TotI Asts) - ; Teal of the ratio fr puy_