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Question #2 (50 marks) See Excel file to complete this question. Complete Part 4 in this document. Juan Real Estate Company (organized as a corporation
Question \#2 (50 marks) See Excel file to complete this question. Complete Part 4 in this document. Juan Real Estate Company (organized as a corporation on April 1. 2013) has completed the accounting cycle for the year ended March 31. 2021. Juan has also completed a correct trial balance as follows: Page 3 of 5 Required: 1. Prepare a statement of earnings for the reporting year ended March 31. 2021. Include income tax expense, assuming a 30 percent tax rate. Use the following major captions: revenues, expenses, earnings before income taxes, income tax expense, net earnings, and earnings per share (list each item under these captions as appropriate). 2. Prepare the journal entry to record income taxes for the year (not yet paid). 3. Prepare a statement of financial position at the end of the reporting year, March 31. 2021. Use the following captions (list each item under these captions as appropriate): 4. Compute the net profit margin ratio and the return on ei se ratios suggest? 5. Prepare the closing entries at March 31, 2021
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