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Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit 0 0 Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Balance Title Debit Credit Account Number Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets Course Project Overview The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section for due date infomation. Al of the information you need to complete the Course Project is located in this Workbook. . There are eight worksheets in the workbook you wil need to complete A ist of March transactions A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected, Each worksheet has the Check Figures embedded as a comment. . Before You Begin: Review the Week 2 Lecture prior to starting work on this project, Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout The project. Review the Grading Criteria. Scenario You've just secured a new cient in your accounting practice, Howard's Right Radio Management Corporation (HFRM), a brand new small business specia izing in fight management systems (FMS). The owner. Howard Alan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard hos to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFEM. Requirements tegement MGMT210: Course Project Requirement Description Proponthn in Tirta General Inmi 1 - John Worksheet Nome 1 2-Granier Fost Jomalies to the preciso 8 Trole 4 - - E Preparing Anubis Guru 2 - Guru LA THETH ET AL.sud Trial 5 - 1 7 Prepare the live Schements - Tronchita B Frecootho Closing Entries Clothng mes 9 Post Coing Erroso Coro Lediger 2 Oorere Looper 10 Prepare the Pool Cloang lelance 8 -- Cuing vil bare 11 Comptes 12 Importants 17--print Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments ta complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 . This includes project requirements 8-12 During its first month of operation, HFRM completed the following transactions. Date March 1 March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a 1-year insurance policy, $2,400. Paid the current month's rent expense, $1,900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March, $1,650. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Review Chapter 2, p. 90 for more information on the Chart of Accounts 145 Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Bicycle Repair Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. General Journal Account Number from Chart of Accounts tab count Title from Chart of Accounts te 111 Cash 311 Common Stock Debit Date March 1 Credit 20,000 20,000 March 1 2,400 117 111 Prepaid Insurance Cash 2,400 March 1 1,900 511 111 Store Rent Expense Cash 1,900 Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. March 3 5,800 144 111 212 Repair Equipment Cash Accounts Payable 1.000 4,800 March 8 650 119 212 Repair Supplies Accounts Payable 650 March 10 340 512 111 Telephone Expense Cash 340 March 11 1.650 111 411 Cash Bicycle Repair Revenue 1,650 March 18 400 212 111 Accounts Payable Cash 400 March 20 2.450 111 411 Cash Bicycle Repair Revenue 2,450 March 31 111 1.250 Cash Bicycle Repair Revenue 411 1,250 March 31 250 517 111 Electric Expense Cash 250 March 31 313 111 Dividends Cash 1.000 1,000 38,090 38,090 REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Cash 20,000 2,400 1,900 1,000 340 Date March 1 March 1 March 1 March 3 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Trial Balance Adjusted TB Post Closing TB Date March 11 March 20 March 31 Trial Balance Adjusted TB Closing Entry Post Closing TB Bicycle Repair Revenue 1.650 2,450 1,250 5350 5,350 5,350 0 1,650 400 This worksheet will be used to complete Requirements N2, N5 and N9. Instructions for #5 can be found on the Adjusting Entries Worksheet. Instructions for #9 can be found on the Closing Entries Worksheet. 2.450 1,250 250 1.000 18,060 18,060 18,060 Prepaid Insurance 2,400 2,400 March 1 Trial Balance March 31 Adjusted TB Post Closing TB 200 March 1 Trial Balance Adjusted TB Closing Entry Post Closing TB Store Rent Expense 1.900 1.900 1,900 1.900 0 2 200 2.200 Repair Supplies 650 650 March 8 Trial Balance March 31 Adjusted TB Post Closing TB Telephone Expense 340 340 340 March 10 Trial Balance Adjusted TB Closing Entry Post Closing TB 450 200 200 340 0 Repair Equipment 5,800 5.800 5.800 5,800 Insurance Expense 200 200 March 3 Trial Balance Adjusted TB Post Closing TB March 31 Adjusted TB Closing Entry Post Closing TB 200 0 March 31 Adjusted TB Post Closing TB Acuum Dep - Repair Equipment 120 120 120 March 31 Adjusted TB Closing Entry Post Closing TB Repair Supplies Expense 450 450 450 0 Accounts Payable 4,800 650 March 3 March 8 March 18 Trial Balance Adjusted TB Post Closing TB 400 Dep Expense - Repair Equipment 120 120 120 10 March 31 Adjusted TB Closing Entry Post Closing TB 5,050 5.050 5,050 Income Tax Payable March 31 Adjusted TB Post Closing TB 65 65 65 Income Tax Expense 65 65 March 31 Adjusted TB Closing Entry Post Closing TB 65 0 Common Stock March 1 Trial Balance Adjusted TB Post Closing TB 20.000 20.000 20.000 20,000 March 31 Trial Balance Adjusted TB Closing Entry Post Closing TB Electric Expense 250 250 250 250 0 Retained Earnings 0 Closing Entry Closing Entry Closing Entry Post Closing TB 0 0 0 Dividends 1,000 1,000 March 31 Trial Balance Closing Entry Post Closing TB - 1,000 0 REQUIREMENT #3: Prepare a trial balance for March in the space below. Only enter accounts that have a balance. Account Number 111 117 119 144 212 311 313 411 511 512 517 Howard's Flight Radio Management Corporation Trial Balance March 31 Account Balance Title Debit Credit Cash 18,060 Prepaid Insurance 2,400 Repair Supplies 650 Repair Equipment 5,800 Accounts Payable 5,050 Common Stock 20,000 Dividends 1,000 FMS Repair Revenue 5,350 Store Rent Expense 1,900 Telephone Expense 340 Electric Expense 250 Total 30,400 30,400 Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Credit Debit 200 200 Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab 31-Mar 513 Insurance Expense 31-Mar 117 Prepaid Insurance 31-Mar 514 Repair Supplies Expense 31-Mar 119 Repair Supplies 31-Mar 515 Dep Expense - Repair Equipment 31-Mar 145 Accum Dep - Repair Equipment 31-Mar 516 Income Tax Expense 31-Mar 213 Income Tax Payable 450 450 120 120 65 65 835 835 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. 145 Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 111 Cash 18,060 117 Prepaid Insurance 2,200 119 Repair Supplies 200 144 Repair Equipment 5,800 Accumm Depreciation - Repair Equipment 120 212 Accounts Payable 5,050 213 Income Tax Payable 65 311 Common Stock 20,000 313 Dividends 1,000 411 Bicycle Repair Revenue 5,350 Store Rent Expense 1,900 512 Telephone Expense 340 513 Insurance Expense 200 514 Repair Supplies Expense 450 515 Depreciation Expense - Repair Equipment 120 516 Income Tax Expense 65 517 Electric Expense 250 511 30,585 30,585 Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 Revenues: FMS Repair Revenue Total Revenue 5,350 Retained Earnings, March 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, March 31 2,025 2,025 1,000 $1,025 Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr. Total Assets $18,060 2,200 200 5,800 120 $26,140 Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Taxes Expense Electric Expense Total Expenses 1,900 340 200 450 120 65 250 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities $5,050 65 5,115 3,325 Net Income 2,025 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 20,000 1,025 21,025 Total Liabilities & Stockholders' Equity $26,140