Using the information below please assist with requirements, 8 - 12 near the end of the page.
Requirement 1:
Using the information above assist with the below requirements 8-12:
Requirement 12:
REQUIREMENT \#2: Post the March journal entries to the following T-Accounts and compute ending balances. \begin{tabular}{|l|r|l|} \hline & \multicolumn{2}{|c|}{ Repair Equipment (144) } \\ \hline 3-Mar & 5,800 & \\ \hline & & \\ \hline Balance & 5,800 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Accum. Depr.-Repair Equipment (145) } \\ \hline 31-Mar & & 150 \\ \hline Balance & & 150 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline & \multicolumn{2}{|c|}{ Accounts Payable (212) } \\ \hline 18-Mar & 400 & \\ \hline 3-Mar & & 3,600 \\ \hline 8-Mar & & 650 \\ \hline Balance & & 3,850 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{ Income Taxes Payable (213) } \\ \hline 31-Mar & & 100 \\ \hline Balance & & 100 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Insurance Expense (513) } \\ \hline 31-Mar & 180 & \\ \hline & & \\ \hline Balance & 180 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Repair Supplies Expense (514) \begin{tabular}{|l|r|l|} \hline 31-Mar & 450 & \\ \hline & & \\ \hline Balance & 450 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & Pepr. Exp.-Repair Equipment (515 \\ \hline 31-Mar & 150 & \\ \hline & & \\ \hline Balance & 150 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Income Taxes Expense (516) } \\ \hline 31-Mar & 100 & \\ \hline & & \\ \hline Balance & 100 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Please enter what each of the ratio results from Spreadsheet 11 mean for the company. REQUIREMENT \#6: Prepare an Adjusted Trial Balance in the space below. 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 Requirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below. Requirement \#4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement \#5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Requirement \# 11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. Current Ratio Formula Current Assets / Current Liabilities Leverage Ratio Formula Average Total Assets / Average Common Stockholders' Equity Asset Turnover Ratio Formula Net Sales / Average Total Assets Net Profit Margin Ratios Formula Net Income - Preferred Dividends / Net Sales Computation Computation Computation Computation \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ 1-Mar } & & 22,500 \\ \hline & & \\ \hline Balance & & 22,500 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Electric Expense (517) } \\ \hline 31-Mar & 300 & \\ \hline & & \\ \hline Balance & 300 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{ Retained Earnings (312) } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline & \multicolumn{2}{|c|}{ Dividends (313) } \\ \hline 31-Mar & 1,000 & \\ \hline Balance & & \\ \hline & 1,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ 1-Mar } & & 22,500 \\ \hline & & \\ \hline Balance & & 22,500 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Electric Expense (517) } \\ \hline 31-Mar & 300 & \\ \hline & & \\ \hline Balance & 300 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{ Retained Earnings (312) } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline & \multicolumn{2}{|c|}{ Dividends (313) } \\ \hline 31-Mar & 1,000 & \\ \hline Balance & & \\ \hline & 1,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} March Transactions Please enter what each of the ratio results from Spreadsheet 11 mean for the company. Requirement \#7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 Chart of Accounts March Transactions General Journal Requirement \#4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement \#5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Requirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below. \begin{tabular}{|l|r|l|} \hline & \multicolumn{2}{|c|}{ Repair Equipment (144) } \\ \hline 3-Mar & 5,800 & \\ \hline & & \\ \hline Balance & 5,800 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Accum. Depr.-Repair Equipment (145) } \\ \hline 31-Mar & & 150 \\ \hline Balance & & 150 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline & \multicolumn{2}{|c|}{ Accounts Payable (212) } \\ \hline 18-Mar & 400 & \\ \hline 3-Mar & & 3,600 \\ \hline 8-Mar & & 650 \\ \hline Balance & & 3,850 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{ Income Taxes Payable (213) } \\ \hline 31-Mar & & 100 \\ \hline Balance & & 100 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Insurance Expense (513) } \\ \hline 31-Mar & 180 & \\ \hline & & \\ \hline Balance & 180 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Repair Supplies Expense (514) \begin{tabular}{|l|r|l|} \hline 31-Mar & 450 & \\ \hline & & \\ \hline Balance & 450 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & Pepr. Exp.-Repair Equipment (515 \\ \hline 31-Mar & 150 & \\ \hline & & \\ \hline Balance & 150 & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Income Taxes Expense (516) } \\ \hline 31-Mar & 100 & \\ \hline & & \\ \hline Balance & 100 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} REQUIREMENT \#2: Post the March journal entries to the following T-Accounts and compute ending balances. Requirement \#7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 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 Chart of Accounts REQUIREMENT \#3: Prepare a trial balance for March in the space below. 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 \# 11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. Current Ratio Formula Current Assets / Current Liabilities Leverage Ratio Formula Average Total Assets / Average Common Stockholders' Equity Asset Turnover Ratio Formula Net Sales / Average Total Assets Net Profit Margin Ratios Formula Net Income - Preferred Dividends / Net Sales Computation Computation Computation Computation REQUIREMENT \#6: Prepare an Adjusted Trial Balance in the space below
