Finance Accounting Homework
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1) Journalize the adjusting entries.
2) Prepare a multiple-step income statement and a retained earnings statement for the year and a classified balance sheet as of December 31, 2017.
3) Journalize the closing entries.
4) Prepare a post-closing trial balance.
5) Prepare the following ratios and show all support for your computations:
- a) Current Ratio
- b) Quick Ratio
- c) Working Capital
- d) Accounts Receivable Turnover
- e) Average Collection Period
- f) Inventory Turnover
- g) Days in Inventory
- h) Debt to Total Assets Ratio
- i) Gross Profit Ratio
- j) Profit Margin Ratio
- k) Return on Assets Ratio
- l) Asset Turnover Ratio
(a) Prepare the bank reconciliation at February 28, 2018
(b) Prepare the adjusting entries based on the reconciliation. (Note. The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.)
