Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with how to do this. Thank you During its first month of operation, HFRM completed the following transactions. REQUIREMENT #6: Prepare an Adjusted

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Please help with how to do this. Thank you

During its first month of operation, HFRM completed the following transactions. REQUIREMENT \#6: Prepare an Adjusted Trial Balance in the space below. equirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below. Anything in yellow needs to be manually inputted 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 $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. Average Total Assets / Average Common Stockholders' Equity Asset Turnover Ratio Formula Net Sales / Average Total Assets Net Profit Margin Ratios Formula Net Income - Preferred Dividends / Net Sales Rate of Return on Total Assets Formula Net Profit Margin Ratio X Assets Turnover Ratio (Net Income - Preferred Dividends/ Net Sales ) X(Net Sales / Average Total Assets) Computation = Computation = Computation X Computation Net Income - Preferred Dividends / Average Total Assets = REQUIREMENT \#2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date FMS Repair Revenue (411) \begin{tabular}{|l|l} \hline \multicolumn{2}{c}{ FMS Repair Revenue (411) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} Repair Equipment (144) \begin{tabular}{l|l} \multicolumn{2}{c}{ Repair Equipment (144) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Telephone Expense (512) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Insurance Expense (513) } \\ \hline & \\ \hline & \\ \hline & \end{tabular} REQUIREMENT \#3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Use the following account descriptions for journal entries. IncomeStatementFortheMonthEndingMarch31BalanceSheetFortheMonthEndingMarch31 REQUIREMENT \# 1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. Please enter what each of the ratio results from Spreadsheet 11 mean for the company. \begin{tabular}{c|l} \multicolumn{2}{l}{ Accum. Depr.-Repair Equipment (145) } \\ \hline & \\ \hline & \\ \hline & \end{tabular} Retained Earnings (312) \begin{tabular}{l|l} \multicolumn{2}{|c}{ Repair Supplies Expense (514) } \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \hline Depr. Exp.-Repair Equipment (515) \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{l}{ Income Taxes Expense (516) } \\ \hline & \\ \hline & \end{tabular} 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 - A Chart of Accounts reference sheet - A Grading Rubric to help explain what is expected. - Each worksheet has the Check Figures embedded as a comment. You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, 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. During its first month of operation, HFRM completed the following transactions. REQUIREMENT \#6: Prepare an Adjusted Trial Balance in the space below. equirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below. Anything in yellow needs to be manually inputted 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 $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. Average Total Assets / Average Common Stockholders' Equity Asset Turnover Ratio Formula Net Sales / Average Total Assets Net Profit Margin Ratios Formula Net Income - Preferred Dividends / Net Sales Rate of Return on Total Assets Formula Net Profit Margin Ratio X Assets Turnover Ratio (Net Income - Preferred Dividends/ Net Sales ) X(Net Sales / Average Total Assets) Computation = Computation = Computation X Computation Net Income - Preferred Dividends / Average Total Assets = REQUIREMENT \#2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date FMS Repair Revenue (411) \begin{tabular}{|l|l} \hline \multicolumn{2}{c}{ FMS Repair Revenue (411) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} Repair Equipment (144) \begin{tabular}{l|l} \multicolumn{2}{c}{ Repair Equipment (144) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Telephone Expense (512) } \\ \hline & \\ \hline & \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{c}{ Insurance Expense (513) } \\ \hline & \\ \hline & \\ \hline & \end{tabular} REQUIREMENT \#3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Use the following account descriptions for journal entries. IncomeStatementFortheMonthEndingMarch31BalanceSheetFortheMonthEndingMarch31 REQUIREMENT \# 1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. Please enter what each of the ratio results from Spreadsheet 11 mean for the company. \begin{tabular}{c|l} \multicolumn{2}{l}{ Accum. Depr.-Repair Equipment (145) } \\ \hline & \\ \hline & \\ \hline & \end{tabular} Retained Earnings (312) \begin{tabular}{l|l} \multicolumn{2}{|c}{ Repair Supplies Expense (514) } \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \hline Depr. Exp.-Repair Equipment (515) \\ \hline & \\ \hline & \end{tabular} \begin{tabular}{l|l} \multicolumn{2}{l}{ Income Taxes Expense (516) } \\ \hline & \\ \hline & \end{tabular} 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 - A Chart of Accounts reference sheet - A Grading Rubric to help explain what is expected. - Each worksheet has the Check Figures embedded as a comment. You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started