• 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

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