You are asked to do the following on an excel spreadsheet: 1. Journalize the transactions for the current year, 2023, using the chart of accounts listed on the excel spreadsheet provided for the project. 2. Set up T-accounts and enter the beginning balances from the December 31, 2022, post-closing trial-balance for SMC. Post all current year joumal entries to the T-accounts. 3. Journalize and post any necessary adjusting entries at the end of (Hint: Items b,c,d,e,o,p, and q require adjustment) 4. After the adjusting entries are posted, prepare an adjusted trial balance, an income statement, statement of retained earnings and a batance sheet for 2023. The format of your statements should mirror those prepared by the compary in 2022 (This doeshit mean all of the account titles will be the same). 5. Journalize and post-closing entries for 2023 and prepare a post-closing trial bilance 6. Compute the Current Ratio arid Debt to Total Equity Ratio for 2022 and 2023 7. Interpretive Question: What is your overall arsessment of the fmancial health of SMC.? Use this Excel Template to complete items 1 through 6: Computer Project Template - Financial Accountiog . (SPRING 2023)158, Use this Word Document to answer question 47 Interpretive Question: Analysis Eorm for Computer Project (SPRING 2023)docx 1 . You are also given the followang information that summarizes the business activity for the current year 2023 a. Issued 10,000 additiona shares of common stock for $60,000 cash on January 1st. b. Borrowed 575,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loan is 5% and Interest for the year is payable on vanuary 1,2024. c. Pand $12,000 cash on Apnl1 to lease a bulding for one yeat a Recened 56,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy 1. Purchased $3700 of supplies for cash on June 15 th 9. Purchased irventory for $125,000 on account on July 1 5. Augast 1 , sold inventory for $185,000 on account, cost of the merehandise sold was $120,000 L Collected $145,000 cash from customers' accounts reoelvable on August 20 th 1. September 1 Paid $95,000 cash for inventones purchased ealier during the year k. September 20 . paid $34,000 for sales reps' salaries, including $1,000 owed at the begirining of 2023 1. Dividents for $9,500 were paid on Outober 20th. in. The income taxes payabla for the year of 2022 were paid on November 1 tith n. For adjusting entres, all prepard experises are in tiaty recorded as assets, and all unearned teverives are initially recorded as alabitities (this is just informational) o. A year end $1,050 worth of suppoes ane on hatid p. At year-end, an addinonal 59,500 of sales sataries are owed but have not yet been pad. q. Prepare an adpusting entry to recognize the tares owed for 2032 . The conporate tax rate is: 21% of the income belore inconnt tawes You are asked to do the foliowing on an excel spreadsheet: 1. Joamalize the transactions for the current yelar, 2023, using the chart of accoints irsted on the ewoel spreadstiet provided for the provect 2. Set up Taccouints and enfer the beginning balances from the December 31, 2022, nest closing inal balance for SMC. Post all current year joumal entines to the I accounts 3. Joumalze and post any necessizy acfusting entros at the end of 2023 (Hint lteme b, c,d,c, o, p, and a require idpustrrerk.) 4. Aler the adroting entries are posled, prepare an acfusted biad balance, an income stavement, statcment of retained earings and a bedance sheet for 2023 . The lormat of your statements should marior those prepared by the company in 2022 5. Journwize and post-closing enties for 2023 and prepare an gost-closing trial bafance 6. Comgute the Coment Ratio and Debi to Fotal Equiby Patio for 2022 and 2023 7. Interpectere Ouettion What is your overall assessarvent of the financal heallh of SMO, Inc? Use the Word Document perided to ansmer this question Asarecentlyhired accountant fora small business, SMC, inc, you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize yourself with the business. SMC, inc. Income Statement For the Year Ended December31,2022 SWM. Inc. Post-Closing Trial Balance December 31, 2022 SMC, INC CHART OF ACCOUNTS SMC, INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2023 SMC, INC STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2023 41 SMC, INC BALANCE SHEET DECEMBER 31,2023 Revien View Help 1 Q. Tfomite. NoomTat rNomal TPagetie. rorganiz Paragioph 5 To Stockhobes of sMc, ine FromNamelcCComments:[statloxthere] Re Andests of suc: ine [Company] DEBT TO TOTAL ASSET RATIO You are also given the following information that summarizes the business activity for the current year, 2023 a. Issued 10,000 additional shares of common stock for $60,000 cash on January 1st. b. Borrowed $75,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loanis 5% and Interest for the year is payable on January 1,2024. c. Paid $12,000 cash on April1 to lease a building for one year. d. Received $6,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy. f. Purchased $3,700 of supplies for cash on June 15 th. g. Purchased inventory for $125,000 on account on July 1. h. August 1 , sold inventory for $185,000 on account; cost of the merchandise sold was $120,090. i. Collected $145,000 cash from customers' accounts receivable on August 20th. j. September 1 , Paid $95,000 cash for inventories purchased earlier during the year. k. September 20 paid $34,000 for sales reps' salaries, including $1,000 owed at the beginningof 2023 . 1. Dividendsfor $9,500 were paid on October 20 th. m. The income taxes payable for the year of 2022 were paid on November 15 th. n. For adjustingentries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities (this is justinformational). 0. At year-end, $1,050 worth of supplies are on hand. p. At year-end, an additional $9,500 of sales salaries are owed, but have not yet been paid. q. Prepare an adjustingentry to recognize the taxes owed for 2022 . The corporate tax rate is 21% of the You are asked to do the following on an excel spreadsheet: 1. Journalize the transactions for the current year, 2023, using the chart of accounts listed on the excel spreadsheet provided for the project. 2. Set up T-accounts and enter the beginning balances from the December 31, 2022, post-closing trial-balance for SMC. Post all current year joumal entries to the T-accounts. 3. Journalize and post any necessary adjusting entries at the end of (Hint: Items b,c,d,e,o,p, and q require adjustment) 4. After the adjusting entries are posted, prepare an adjusted trial balance, an income statement, statement of retained earnings and a batance sheet for 2023. The format of your statements should mirror those prepared by the compary in 2022 (This doeshit mean all of the account titles will be the same). 5. Journalize and post-closing entries for 2023 and prepare a post-closing trial bilance 6. Compute the Current Ratio arid Debt to Total Equity Ratio for 2022 and 2023 7. Interpretive Question: What is your overall arsessment of the fmancial health of SMC.? Use this Excel Template to complete items 1 through 6: Computer Project Template - Financial Accountiog . (SPRING 2023)158, Use this Word Document to answer question 47 Interpretive Question: Analysis Eorm for Computer Project (SPRING 2023)docx 1 . You are also given the followang information that summarizes the business activity for the current year 2023 a. Issued 10,000 additiona shares of common stock for $60,000 cash on January 1st. b. Borrowed 575,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loan is 5% and Interest for the year is payable on vanuary 1,2024. c. Pand $12,000 cash on Apnl1 to lease a bulding for one yeat a Recened 56,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy 1. Purchased $3700 of supplies for cash on June 15 th 9. Purchased irventory for $125,000 on account on July 1 5. Augast 1 , sold inventory for $185,000 on account, cost of the merehandise sold was $120,000 L Collected $145,000 cash from customers' accounts reoelvable on August 20 th 1. September 1 Paid $95,000 cash for inventones purchased ealier during the year k. September 20 . paid $34,000 for sales reps' salaries, including $1,000 owed at the begirining of 2023 1. Dividents for $9,500 were paid on Outober 20th. in. The income taxes payabla for the year of 2022 were paid on November 1 tith n. For adjusting entres, all prepard experises are in tiaty recorded as assets, and all unearned teverives are initially recorded as alabitities (this is just informational) o. A year end $1,050 worth of suppoes ane on hatid p. At year-end, an addinonal 59,500 of sales sataries are owed but have not yet been pad. q. Prepare an adpusting entry to recognize the tares owed for 2032 . The conporate tax rate is: 21% of the income belore inconnt tawes You are asked to do the foliowing on an excel spreadsheet: 1. Joamalize the transactions for the current yelar, 2023, using the chart of accoints irsted on the ewoel spreadstiet provided for the provect 2. Set up Taccouints and enfer the beginning balances from the December 31, 2022, nest closing inal balance for SMC. Post all current year joumal entines to the I accounts 3. Joumalze and post any necessizy acfusting entros at the end of 2023 (Hint lteme b, c,d,c, o, p, and a require idpustrrerk.) 4. Aler the adroting entries are posled, prepare an acfusted biad balance, an income stavement, statcment of retained earings and a bedance sheet for 2023 . The lormat of your statements should marior those prepared by the company in 2022 5. Journwize and post-closing enties for 2023 and prepare an gost-closing trial bafance 6. Comgute the Coment Ratio and Debi to Fotal Equiby Patio for 2022 and 2023 7. Interpectere Ouettion What is your overall assessarvent of the financal heallh of SMO, Inc? Use the Word Document perided to ansmer this question Asarecentlyhired accountant fora small business, SMC, inc, you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize yourself with the business. SMC, inc. Income Statement For the Year Ended December31,2022 SWM. Inc. Post-Closing Trial Balance December 31, 2022 SMC, INC CHART OF ACCOUNTS SMC, INC INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2023 SMC, INC STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2023 41 SMC, INC BALANCE SHEET DECEMBER 31,2023 Revien View Help 1 Q. Tfomite. NoomTat rNomal TPagetie. rorganiz Paragioph 5 To Stockhobes of sMc, ine FromNamelcCComments:[statloxthere] Re Andests of suc: ine [Company] DEBT TO TOTAL ASSET RATIO You are also given the following information that summarizes the business activity for the current year, 2023 a. Issued 10,000 additional shares of common stock for $60,000 cash on January 1st. b. Borrowed $75,000 on March 1, 2023, from Downtown Bank as a long-term loan. The interest rate on the loanis 5% and Interest for the year is payable on January 1,2024. c. Paid $12,000 cash on April1 to lease a building for one year. d. Received $6,000 on May 1 from a tenant for one year's rent. e. Paid $4,200 on June 1 for a one-year insurance policy. f. Purchased $3,700 of supplies for cash on June 15 th. g. Purchased inventory for $125,000 on account on July 1. h. August 1 , sold inventory for $185,000 on account; cost of the merchandise sold was $120,090. i. Collected $145,000 cash from customers' accounts receivable on August 20th. j. September 1 , Paid $95,000 cash for inventories purchased earlier during the year. k. September 20 paid $34,000 for sales reps' salaries, including $1,000 owed at the beginningof 2023 . 1. Dividendsfor $9,500 were paid on October 20 th. m. The income taxes payable for the year of 2022 were paid on November 15 th. n. For adjustingentries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities (this is justinformational). 0. At year-end, $1,050 worth of supplies are on hand. p. At year-end, an additional $9,500 of sales salaries are owed, but have not yet been paid. q. Prepare an adjustingentry to recognize the taxes owed for 2022 . The corporate tax rate is 21% of the