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Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows (the amounts are rounded to thousands of dollars to simplify): Transactions during 2021 (summarized in thousands of dollars) follow: Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $29 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $32 cash on July 2,2021 . c. Issued additional shares of common stock for $6 on July 3 . d. Purchased software on July 4,$2 cash. e. Purchased supplies on July 5 on account for future use, $8. f. Recorded revenues on December 6 of $63, including $9 on credit and $54 received in cash. 9. Recognized salaries and wages expense on December 7 of $37; paid in cash. h. Collected accounts receivable on December 8,$8. i. Paid accounts payable on December 9,$9. f. Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2022. Data for adjusting journal entries on December 31 : k. Amortization for 2021; $1. 1. Supplies of $2 were counted on December 31,2021. m. Depreciation for 2021,$3. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2021 was $3 and will be paid in 2022 . (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100 ).) \begin{tabular}{l} Statement of \\ Retained \\ Earninas \\ \hline \end{tabular} General Journal tab - Prepare the journal entries to record the transactions (a) through (j). Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger: Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the year ended December 31 , 2021. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. Genaral Ledger Account \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{4}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January01,2021 & & 6 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01, & & \\ \hline 2021 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{4}{|c|}{ Supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & c2021 & & 2 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Equipment } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & c2021 & & 10 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Software } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January01,2021 & & 6 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accumulated Amertization } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Jancary01,2021 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{} & Accounts Payable \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January01.2021 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01, & & 16 \\ \hline 2021 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Retained Eamings: } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & January 01, & & & 4 \\ \hline 2021 & & & \\ \hline \end{tabular} Unadjusted NORTHLAND PHYSICAL THERAPY Trial Balance Unadjusted NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2021 Statement of Retained Earnings > Prepare the statement of retained earnings for the year ended December 31,20 accounts and balances to prepare the Statement of Retained Earnings. Unadjusted Calculate the Net Pofit Margin and Current Ratio. Net income can be found on Income statement tab. (Hint: Select Ac on the dropdown.)
