Required information [The following information applies to the questions displayed below.) Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Supplies Account Titles Debit Credit Cash $ 8 Accounts Receivable 4 4 Equipment 8 Accumulated $ 2 Depreciation Software 5 Accumulated 2 Amortization Accounts Payable 5 Notes Payable (short-term) Salaries and Wages 0 Payable Interest Payable 0 Income Taxes Payable 0 Deferred Revenue 0 Common Stock 14 Retained Earnings 6 Service Revenue 0 Depreciation Expense 0 Amortization Expense 0 Salaries and Wages 0 Expense Supplies Expense 0 Interest Expense 0 Income Tax Expense Totals $29 $29 Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $30 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $33 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $65, including $10 on credit and $55 received in cash. g. Recognized salaries and wages expense on December 7 of $38; paid in cash. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019 Data for adjusting journal entries on December 31: k. Amortization for 2018, $2. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $2. p. Income tax expense for 2018 was $5 and will be paid in 2019. 7. Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet Record entry to close revenue and expense accounts to retained earnings. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry View general journal Clear entry 8. Post the closing entry from requirement 7 and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance Credit (in thousands) Account Titles Debit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Totals $ 0 $ 0 9-a. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? (Enter "Net Income" in thousands of dollars. Round "Net Profit Margin" to 1 decimal place.) Net Income Net Profit Margin % 9-a. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Req 9C Is the business financed primarily by liabilities or stockholders' equity? O Stockholders' Equity OLiabilities 9-a. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? 9-b. Is the business financed primarily by liabilities or stockholders' equity? 9-c. What is its current ratio? Complete this question by entering your answers in the tabs below. Req 9A Req 9B Reg 9C What is its current ratio? (Enter your answers in thousands of dollars.) Current Ratio Numerator Denominator