Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting...
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Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year, ended March 31, 2021. Juan has also completed a correct trial balance as follows: Account Titles Cash Accounts receivable Office supplies inventory JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2021 Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2020) Dividends declared Sales commissions earned Management fees Operating expenses (detail omitted to conserve your time) Depreciation expense (including $850 on office equipment) Interest expense Totals Assuming a 30 percent tax rate. Debit $ 60,000 48,300 650 37,000 3,700 8,700 55,000 6,900 2,850 $223,100 Credit $ 13,500 1,350 22,000 1,850 37,000 42,000 8,400 80,500 16,500 $223,100 Required: 1. Prepare a statement of earnings for the reporting year ended March 31, 2021. (Round "Earnings per share" to 2 decimal places.) 2. Prepare the journal entry to record income taxes for the year (not yet paid). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare a statement of financial position at the end of the reporting year, March 31, 2021. 4. Compute the net profit margin ratio and the return on equity. (Round the final answers to the nearest whole number) 5. Prepare the closing entries at March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year, ended March 31, 2021. Juan has also completed a correct trial balance as follows: Account Titles Cash Accounts receivable Office supplies inventory JUAN REAL ESTATE COMPANY Adjusted Trial Balance At March 31, 2021 Automobiles (company cars) Accumulated depreciation, automobiles Office equipment Accumulated depreciation, office equipment Accounts payable Salaries and commissions payable Note payable, long term Contributed capital (30,000 shares) Retained earnings (on April 1, 2020) Dividends declared Sales commissions earned Management fees Operating expenses (detail omitted to conserve your time) Depreciation expense (including $850 on office equipment) Interest expense Totals Assuming a 30 percent tax rate. Debit $ 60,000 48,300 650 37,000 3,700 8,700 55,000 6,900 2,850 $223,100 Credit $ 13,500 1,350 22,000 1,850 37,000 42,000 8,400 80,500 16,500 $223,100 Required: 1. Prepare a statement of earnings for the reporting year ended March 31, 2021. (Round "Earnings per share" to 2 decimal places.) 2. Prepare the journal entry to record income taxes for the year (not yet paid). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare a statement of financial position at the end of the reporting year, March 31, 2021. 4. Compute the net profit margin ratio and the return on equity. (Round the final answers to the nearest whole number) 5. Prepare the closing entries at March 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Answer rating: 100% (QA)
Answer 1 Income statement JUAN REAL ESTATE COMPANY Statement of Earnings For the Year Ended March 312018 Revenues Sales comissions 79000 Management fe... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
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