...similar spreadsheet). The adjusted? The financial statements must be complete and in good form using Excel (or similar spreadsheet).
The adjusted trial balance for Myra Co. as of December 31, 2009, is as follows
Myra Company
Adjusted Trial Balance
December 31, 2009
No.Account TitleDebitCredit
101 Cash$7,500
104 Short-term investments$23,500
126Supplies$8,100
128Prepaid insurance$8,600
167Equipment$40,000
168Accumulated depreciation-Equipment$20,000
173Building$177,000
174Accumulated depreciation-Building$59,000
183Land$68,120
201Accounts payable$17,000
203Interest payable$3,000
208Rent payable$3,500
210Wages payable$2,500
213Property taxes payable$1,300
233Unearned professional fees$7,900
251Long-term notes payable$64,500
301S. Myra, Capital$132,600
302S. Myra, Withdrawals$10,300
401Professional fees earned$104,000
406Rent earned$18,000
407Dividends earned$2,500
409Interest$2,300
606Depreciation expense-Building$12,980
612Depreciation expense-Equipment$6,000
623Wages expense$27,500
633Interest expense$3,800
637Insurance expense$7,700
640Rent expense$11,300
652Supplies expense$6,100
682Postage expense$2,800
683Property taxes expense$3,400
684Repairs expense$6,900
688Telephone expense$3,200
690Utilities expense$3,300
Totals$438,100$438,100
S. Myra invested $7,500 cash in the business during year 2009 (the December 31, 2008, credit balance of the S. Myra, Capital account was $125,100). Myra Company is required to make a $6,000 payment on its long-term notes payable during 2010.
Total assets (12/31/2009), $253,820; Net income, $31,820
Required
1)Prepare the income statement and the statement of owner’s equity for the calendar year 2009 and the classified balance sheet at December 31, 2009.
2)Prepare the necessary closing entries at December 31, 2009.
3)Use the information in the financial statements to calculate these ratios: (a) return on assets (total assets at December 31, 2008, were $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.
The adjusted trial balance for Myra Co. as of December 31, 2009, is as follows
Myra Company
Adjusted Trial Balance
December 31, 2009
No.Account TitleDebitCredit
101 Cash$7,500
104 Short-term investments$23,500
126Supplies$8,100
128Prepaid insurance$8,600
167Equipment$40,000
168Accumulated depreciation-Equipment$20,000
173Building$177,000
174Accumulated depreciation-Building$59,000
183Land$68,120
201Accounts payable$17,000
203Interest payable$3,000
208Rent payable$3,500
210Wages payable$2,500
213Property taxes payable$1,300
233Unearned professional fees$7,900
251Long-term notes payable$64,500
301S. Myra, Capital$132,600
302S. Myra, Withdrawals$10,300
401Professional fees earned$104,000
406Rent earned$18,000
407Dividends earned$2,500
409Interest$2,300
606Depreciation expense-Building$12,980
612Depreciation expense-Equipment$6,000
623Wages expense$27,500
633Interest expense$3,800
637Insurance expense$7,700
640Rent expense$11,300
652Supplies expense$6,100
682Postage expense$2,800
683Property taxes expense$3,400
684Repairs expense$6,900
688Telephone expense$3,200
690Utilities expense$3,300
Totals$438,100$438,100
S. Myra invested $7,500 cash in the business during year 2009 (the December 31, 2008, credit balance of the S. Myra, Capital account was $125,100). Myra Company is required to make a $6,000 payment on its long-term notes payable during 2010.
Total assets (12/31/2009), $253,820; Net income, $31,820
Required
1)Prepare the income statement and the statement of owner’s equity for the calendar year 2009 and the classified balance sheet at December 31, 2009.
2)Prepare the necessary closing entries at December 31, 2009.
3)Use the information in the financial statements to calculate these ratios: (a) return on assets (total assets at December 31, 2008, were $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.