Using the information please verify if requirements 8 - 12 are correct:

Please verify below if requirements are correct using information above:

Requirement 12:

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 26,35022,370=0.85 Computation 24,07028,020= 1.16 Computation 5,950 28,020 0.21 Computation 5,9502,570= 0.43 ??= ? March Transactions \begin{tabular}{|c|c|} \hline Date & Transaction Description \\ \hline March 1 & Beganbusinessbymakingadepositinacompanybankaccountof$22500,inexchangefor2,250sharesof$10parvaluecommonstock. \\ \hline March 1 & Paid the premium on a 1 -year insurance policy, $2,160. \\ \hline March 1 & Paid the current month's rent expense, $1,800. \\ \hline March 3 & PurchasedrepairequipmentfromFredCompany,$5,800.Paid$2200downandthebalancewasplacedonaccount.Therestwillbepaidinequalpaymentsoverthenext12months.Thefirstpaymentisdue4/1.Note:UseAccountsPayablefortheBalanceDue. \\ \hline March 8 & Purchased repair supplies from Gary Company on credit, $650. \\ \hline March 10 & Paid telephone bill for March, $400. \\ \hline March 11 & Cashflightmanagementsystem(FMS)repairrevenueforthefirstthirdofMarch,$2000. \\ \hline March 18 & Made payment to Gary Company, $400. \\ \hline March 20 & Cash FMS repair revenue for the second third of March, $2,450. \\ \hline March 31 & Cash FMS repair revenue for the last third of March, $1,500. \\ \hline March 31 & Paid the current month's electic bill, $300. \\ \hline March 31 & Declared and paid cash dividend of $1,000. \\ \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. General Journal \begin{tabular}{|c|c|c|c|c|} \hline Date & AccountNumberfromChartofAccountstab & Account Title from Chart of Accounts tab & Debit & Credit \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 411 & FMS Repair Revenue & 5,950 & \\ \hline & & Income Summary & & 5,950 \\ \hline \multirow[t]{8}{*}{ 31-Mar } & & Income Summary & 3,380 & \\ \hline & 511 & Store rent Expenses & & 1,800 \\ \hline & 512 & Telephone Expenses & & 400 \\ \hline & 517 & Electric Expenses & & 300 \\ \hline & 513 & Insurance Expense & & 180 \\ \hline & 515 & Depreciation Expenses - Repair Equipment & & 150 \\ \hline & 516 & Income Tax Expenses & & 100 \\ \hline & 514 & Supplies Expenses & & 450 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & & Income Summary & 2,570 & \\ \hline & 312 & Retained Earnings & & 2,570 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 312 & Retained Earnings & 1,000 & \\ \hline & 313 & Dividends & & 1,000 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 12,900 & 12,900 \\ \hline \end{tabular} General Journal \begin{tabular}{|c|c|c|c|c|} \hline Date & AccountNumberfromChantofAccountstab & Account Title from Chart of Accounts tab & Debit & Credit \\ \hline \multirow[t]{2}{*}{ 1-Mar } & 111 & Cash & 22,500 & \\ \hline & 311 & Common Stock & & 22,500 \\ \hline \multirow[t]{2}{*}{ 1-Mar } & 513 & Prepaid Insurance & 2,160 & \\ \hline & 111 & Cash & & 2,160 \\ \hline \multirow[t]{2}{*}{ 1-Mar } & 511 & Store Rent Expense & 1,800 & \\ \hline & 111 & Cash & & 1,800 \\ \hline \multirow[t]{3}{*}{ 3-Mar } & 144 & Repair Equipment & 5,800 & \\ \hline & 111 & Cash & & 2,200 \\ \hline & 212 & Accounts Payable & & 3,600 \\ \hline \multirow[t]{2}{*}{ 8-Mar } & 119 & Repair Supplies & 650 & \\ \hline & 212 & Accounts Payable & & 650 \\ \hline \multirow[t]{2}{*}{ 10-Mar } & 512 & Telephone Expense & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline \multirow[t]{2}{*}{ 11-Mar } & 111 & Cash & 2,000 & \\ \hline & 411 & FMS Repair Revenue & & 2,000 \\ \hline \multirow[t]{2}{*}{ 18-Mar } & 212 & Accounts Payable & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline \multirow[t]{2}{*}{ 20-Mar } & 111 & Cash & 2,450 & \\ \hline & 411 & FMS Repair Revenue & & 2,450 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 111 & Cash & 1,500 & \\ \hline & 411 & FMS Repair Revenue & & 1,500 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 517 & Electric Expense & 300 & \\ \hline & 111 & Cash & & 300 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 313 & Dividends & 1,000 & \\ \hline & 111 & Cash & & 1,000 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 40,960 & 40,960 \\ \hline \end{tabular} 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 \begin{tabular}{|c|c|c|c|} \hline Account Type & AccountNumber & Account Title & Normal Balance \\ \hline \multicolumn{4}{|l|}{ Assets } \\ \hline & 111 & Cash & Debit \\ \hline & 117 & Prepaid Insurance & Debit \\ \hline & 119 & Repair Supplies & Debit \\ \hline & 144 & Repair Equipment & Debit \\ \hline & 145 & Accum Dep -Repair Equipment & Credit \\ \hline \multicolumn{4}{|l|}{ Liabilities } \\ \hline & 212 & Accounts Payable & Credit \\ \hline & 213 & Income Tax Payable & Credit \\ \hline \multicolumn{4}{|c|}{ Stockholders Equity } \\ \hline & 311 & Common Stock & Credit \\ \hline & 312 & Retained Earnings & Credit \\ \hline & 313 & Dividends & Debit \\ \hline \multicolumn{4}{|l|}{ Revenue } \\ \hline & 411 & FMS Repair Revenue & Credit \\ \hline \multicolumn{4}{|l|}{ Expenses } \\ \hline & 511 & Store Rent Expense & Debit \\ \hline & 512 & Telephone Expense & Debit \\ \hline & 513 & Insurance Expense & Debit \\ \hline & 514 & Repair Supplies Expense & Debit \\ \hline & 515 & Dep Expense - Repair Equipment & Debit \\ \hline & 516 & Income Tax Expense & Debit \\ \hline & 517 & Electric Expense & Debit \\ \hline \end{tabular} \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} \begin{tabular}{|l|l|r|} \hline \multicolumn{1}{|c|}{} & \multicolumn{2}{|c|}{ Common Stock (311) } \\ \hline 1-Mar & & 22,500 \\ \hline Balance & & 22,500 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \hline \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ Electric Expense (517) } \\ \hline 31-Mar & 300 & \\ \hline Balance & & \\ \hline & 300 & \\ \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|l|} & \multicolumn{2}{|c|}{ Dividends (313) } \\ \hline & 1,000 & \\ \hline 31-Mar & & \\ \hline Balance & 1,000 & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \end{tabular} Requirement \# 10: Prepare a post-closing trial balance as of March 31 in the space REQUIREMENT \#2: Post the March journal entries to the following T-Accounts and compute ending balances. 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. 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 \#3: Prepare a trial balance for March in the space below