Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.

Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below.

Requirement #11: Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios

Requirement #12: Please enter what each of the ratio results from Spreadsheet 11 mean for the company

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 General Journal \begin{tabular}{|r|r|r|} \hline \multicolumn{2}{|c|}{ Date Cash (111) } \\ \hline 1-Mar & 22,500 & \\ \hline 1-Mar & & 2,160 \\ \hline 1-Mar & & 1,800 \\ \hline 1-Mar & & 2,200 \\ \hline 11-Mar & & 400 \\ \hline 18-Mar & 2,000 & \\ \hline 20-Mar & & 400 \\ \hline 31-Mar & 2,450 & \\ \hline 31-Mar & 1,500 & \\ \hline 31Mar & & 300 \\ \hline & & 1,000 \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{3}{|c|}{ Date FMS Repair Revenue (411) } \\ \hline 11-Mar & & 2,000 \\ \hline 20-Mar & & 2,450 \\ \hline 31-Mar & & 1,500 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{3}{|c|}{ Date Repair Supplies (119) } \\ \hline 8-Mar & 650 & \\ \hline 31-Mar & & \\ \hline & & 450 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Date Telephone Expense (512) } \\ \hline 10-Mar & 400 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{3}{|c|}{ Date Insurance Expense (513) } \\ \hline 31-Mar & 180 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline Date & Accum. Depr.-Repair Equipment (145) \\ \hline 31-Mar & & 150 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{1}{|c}{ Date } & \multicolumn{2}{c|}{ Accounts Payable (212) } \\ \hline 3-Mar & & 3,600 \\ \hline 8-Mar & & 650 \\ \hline 18-Mar & 400 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Date epr. Exp.-Repair Equipment (513 } \\ \hline 31-Mar & 150 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{3}{|c|}{ Date Income Taxes Payable (213) } \\ \hline 31-Mar & & 100 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|r|r|} \hline \multicolumn{3}{|c|}{ Date Income Taxes Expense (516) } \\ \hline 31-Mar & 100 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{3}{|c|}{ Date Common Stock (311) } \\ \hline 1-Mar & & 22,500 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ Date Retained Earnings (312) } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Howard's Flight Radio Management Corporation loward's Flight Radio Management Corporatiol Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Howard's Flight Radio Management Corporation Current Ratio Computation Formula Current Assets / Current Liabilities Leverage Ratio Computation Formula Average Total Assets / Average Common Stockholders' Equity = Asset Turnover Ratio Computation Formula Net Sales / Average Total Assets Net Profit Margin Ratios Computation Formula Net Income - Preferred Dividends / Net Sales Rate of Return on Total Assets Formula Computation Net Profit Margin Ratio X Assets Turnover Ratio (Net Income - Preferred Dividends/ Net Sales ) X(Net Sales / Average Total Assets) x= Alternatively Computation Net Income - Preferred Dividends / Average Total Assets