acc2111-fundamentals-of-accounting
Required:
- Prepare the required adjusting journal entries for items a through h.
- Prepare the Adjusted Trial Balance
- Prepare the Income Statement for the year end
- Prepare the Statement of Owner’s Equity for the year
- Prepare the Balance Sheet as of December 31
Use the information in the financial statements to calculate the following ratios:
- Return on Assets
- Debt ratio
- Profit margin
- Current ratio
Below are the industry averages for the corresponding ratios
- Return on Assets = 11.48%
- Debt ratio = 42%
- Profit margin = 21.60%
- Current ratio = 1.06