Total assets 1120100 Qincome $3,100 1. Prepare the income statement and the statement of owner's equity for the calendar year 2011 and the classified balance sheet at December 31, 2011. 2. Prepare the necessary closing entries at December 31, 2011. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total assets at December 31, 2010, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d)cument ratio m4-5A ng a work sheet, mg and closing entries, ancial statements P2 The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2011 fiscal year The June 30, 2010, credit balance of the owner's capital account was $52,660, and the owner invested $25,000 cash in the company during the 2011 fiscal year ADAMS CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2011 D No. Account Title 5101 Cash 6126 Supplies 7 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 10 201 Accounts payable 11203 Interest p 1 payable payable 13210 Wages payable 14 213 Property taxes payable 15 251 Long-term notes payable 16 301 S. Adams, Capital Debit $17.500 8,900 Credit 6.200 131,000 $ 25.250 5.800 Q 24,000 77.000 17 302 S. Adams, Withdrawals 30,000 18- 140 Construction fees earned 134,000 640 Rent e expense 1612 21 633 Interest i 22637 Insurance expense 24 652 Supplies expense 683 Property taxes expense 684 Repairs expense 27 690 Utities expense 612 Depreciation expense-Equipment 45.800 2.040 13.200 4.600 2810 4,000 Totals $266.710 $206.710 Required 1. Prepare a 10-column work sheet for fiscal year 2011, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2011 had a cost of $3,200. b. The cost of expired insurance for the fiscal year is $3.900. c. Annual depreciation on equipment is $8,500. d. The June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded. e. The company's employees have earned $1,600 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of 5900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. Chapter 4 Completing the Accounting Cycle h. The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2011 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (The company is required to make a $5,000 payment toward the note payable during the 2012 fiscal year.) 2. Enter adjusting and closing information in the work sheet; then journalize the adjusting and closing 3. Prepare the income statement and the statement of owner's equity for the year ended June 30 and the classified balance sheet at June 30, 2011. Analysis Component Check 1202 Cument les $14.2 $39,300