Financial Statements, Closing Entries & Ratio Analysis Having completed your prior assignment on Costco Retail Inc., you have now been tasked with assisting in preparing the Financial Statements and computing select ratios for Moonix Star Brands Limited, a merchandising company, together with preparing the companys accounts for the next financial period. You have been provided with the companys Adjusted Trial Balance: Moonix Star Brands Limited Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash $23,800 Accounts Receivable 50,300 Inventory 75,000 Prepaid Insurance 2,400 Building 290,000 Accumulated Depreciation-Building $52,500 Equipment 110,000 Accumulated Depreciation-Equipment $42,900 Accounts Payable 80,300 Other Payables 14,700 Notes Payable (due 2024) 80,000 Share Capital 112,000 Retained Earnings 64,600 Dividends 24,000 Sales Revenue 728,000 Sales Returns and Allowances 8,000 Cost of Goods Sold 412,700 Freight out Expense 8,600 Depreciation Expense 23,700 Salaries and Wage Expense 108,000 Utilities Expense 12,000 Insurance Expense 7,200 Other Expenses 19,300 Total $1,175,000 $1,175,000 Required: a. Using the Adjusted Trial Balance above, prepare the following statements in proper form: i. Income Statement 7 Marks ii. Retained Earnings Statement 3 Marks iii. A classified Statement of Financial Position 12 Marks b. Journalize the necessary closing entries. 5 Marks c. Compute the following ratios, stating what each ratio indicates about Moonix Star Brands: i. Current Ratio 2 Marks ii. Inventory Turnover (use Inventory instead of Avg. Inventory) 2 Marks iii. Gross Profit Rate 3 Marks iv. Profit Margin 3 Marks v. Debt to Total Assets