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Please prepare financial statements (multi-step Income statement, State of retained earnings, Balance sheet), prepare closing entries and ratio computations. :) 1 L M N A
Please prepare financial statements (multi-step Income statement, State of retained earnings, Balance sheet), prepare closing entries and ratio computations. :)
1 L M N A E F H ACR5 1 On December 1, 2023, Divine Distributing Company had the following account balances. Debit Credit Cash 9,200.00 Accounts Receivable 5.400.00 Accumulated Depreciation-Equipment 4,200.00 Note Receivable 6,000.00 Accounts Payable 7,100.00 Inventory 10.700.00 Unearned Service Revenue 2,100.00 Supplies 1,500.00 Salaries and Wages Payable 1,200.00 Prepaid Rent 9,600.00 Common Stock 18,000.00 Equipment 24,000.00 Retained Earnings 30 800.00 63.400.00 63,400.00 During December, the company completed the following transactions Dec 6 Paid $2,200 for salaries and wages due employees, of which $1000 is for December and $4,200 was accrued in November to salaries and wages payable. 7 $300 of merchandise was returned from a November 30, 2022 sale on account 8 Received $1,800 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash 59,100. The cost of the merchandise sold was $5,000. 13 Purchased merchandise on account from Hecht Co. 57.500, terms 2/20, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $14,000, terms 3/10, n/30. The cost of the merchandise sold was 57.500. 20 Paid salaries and wages $2,400. 21 Paid $2,400 in advance for next year's annual insurance 23 Paid Hecht Co. in full, less discount 27 Received collections in full, less discounts, from customers billed on December 18. 28 Received s5oo from customers for services to be preformed in the future 29 Purchase Equipment on account for $3200 Adjustment data 1. Accrued salaries and wages payable were $850 at the end of the month. 2. Depreciation was $460 per month. 3. Supplies on hand were $1,300 4. One month of interest income should be recorded on the $6000 Note Receivable at an APR of 596 5. Services were preformed to satisfy $1200 of the unearned revenue 6. December's prepaid rent has been used (annual amount was 59600 as recorded in Prepaid Rent). Required: Complete each tab of this Excel Worksheet: General Journal (all transactions in December).map into T Accounts add any if necessary), prepare Trial Balance prepare the adjusting entries (1-6 above), Prepare Financial Statements in good form (multi-step income statement, statement of retained earnings, balance sheet) prepare the closing entries, prepare the required ratio computations B D E Ratio Computations Show Computation Here Show Final Answer in good form Current Ratio #DIV/0! Current Assets Current Liabilities Accounts Receivable (AR) Turnover #DIV/0! Net Sales Accounts Receivable Average Collection Period #DIV/0! 365 days AR Turnover Debt to Assets Ratio #DIV/0! Total Debt Total Assets Return on Assets Ratio #DIV/0! Net Income Total Assets Gross Profit Margin #DIV/0! Gross Profit Net Sales Net Profit Margin #DIV/0! Net Income Net Sales
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