Required:

Set up T$-$accounts for the accounts on the trial balance and enter their beginning balances.

Record transactions $($a$)$ through $(k)$ and post them to the T$-$accounts.

Record and post the adjusting entries $(l)$ through $(p).$

Prepare a statement of earnings $($including earnings per share$),$ a statement of changes in equity for $2023,$ and a statement of financial position at December $31,2023.$

Record and post the closing entries.

Prepare a post$-$closing trial balance.

Compute the following ratios for $2023$ and explain what they mean:

a$.$ Current ratio

b$.$ Total asset turnover ratio

c$.$ Net profit margin ratio

d$.$ Return on equity