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The unadjusted trial balance columns in the worksheet of NZS Consultancy Services are as follows as of May 31, 2021 . Account Debit Credit Cash
The unadjusted trial balance columns in the worksheet of NZS Consultancy Services are as follows as of May 31, 2021.
Account | Debit | Credit |
Cash | $600 | |
Short-Term Investments | 1,800 | |
Inventory | 2,000 | |
Prepaid Rent | 2,900 | |
Prepaid Insurance | 4,500 | |
Land | 27,500 | |
Building | 52,500 | |
Accumulated DepreciationBuilding | $7,500 | |
Long-Term Investments | 23,000 | |
Accounts Payable | 6,000 | |
Current Portion of Long-term Note Payable | 2,500 | |
Income Tax Payable | 15,630 | |
Long-term Notes Payable | 8,000 | |
Owners capital | 34170 | |
Service Revenue | 41,000 | |
Rent Expense | ||
Insurance Expense | ||
Salaries Expense | ||
Depreciation ExpenseBuilding | ________ | |
Totals | $114,800 | $114,800 |
(Note: You can copy this table into Excel)
Required:
- Formulate five adjustments (with particular attention to dates and months) and journalizes the adjusting entries in excel. Adjustments must cover a variety of transactions. For example, Depreciation, unearned revenue, and an error requiring a correction entry (enter these adjustments in datasheet only). Your marks depend upon the quality and detail in framing adjustments.
- Prepare and complete the 10-column worksheet.
- Prepare the income statement, the statement of changes in owners equity, and the classified balance sheet.
- Prepare the closing entries.
- Calculate the current ratio for the company using formulas. Calculate and evaluate the businesss current ratio and debt ratio.
- Prepare a dashboard depicting the business's financial position or financial performance.
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