The following is an Adjusted Trial Balance for Klushman Industries: Klushnan Industries Adjusted Trial Balance At...

 

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The following is an Adjusted Trial Balance for Klushman Industries: Klushnan Industries Adjusted Trial Balance At Dec 31, 20XX Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Buildings Notes Receivable. Accumulated Depreciation. Accounts Payable Income Tax Payable. Salaries and Wages Payable. Unearned Revenue Notes Payable Common Stock Additional Paid in Capital Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Office Expense Depreciation Expense Insurance Expense Income Tax Expense Utilities Expense Interest Expense Total Assets last year: 300,000 Debit 20,000 15,000 8,000 4,000 68,000 132,000 80,000 59,000 48,000 13,000 22,000 15,000 14,000 14,000 18,000 16,000 538,000 Credit 32,000 9,000 3,000 12,000 6,000 26,000 15,000 225,000 30,000 180,000 538,000 Required: Use the Adjusted Trial Balance to prepare: 1. Income Statement 2. Closing Entry 3. Balance Sheet 4. Current Ratio. 5. Net Profit Margin. 6. Total Asset Turnover. Note: Maintain the order in which the accounts appear on the Adjusted Trial Balance on the corresponding statements. The following is an Adjusted Trial Balance for Klushman Industries: Klushnan Industries Adjusted Trial Balance At Dec 31, 20XX Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Land Buildings Notes Receivable. Accumulated Depreciation. Accounts Payable Income Tax Payable. Salaries and Wages Payable. Unearned Revenue Notes Payable Common Stock Additional Paid in Capital Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Office Expense Depreciation Expense Insurance Expense Income Tax Expense Utilities Expense Interest Expense Total Assets last year: 300,000 Debit 20,000 15,000 8,000 4,000 68,000 132,000 80,000 59,000 48,000 13,000 22,000 15,000 14,000 14,000 18,000 16,000 538,000 Credit 32,000 9,000 3,000 12,000 6,000 26,000 15,000 225,000 30,000 180,000 538,000 Required: Use the Adjusted Trial Balance to prepare: 1. Income Statement 2. Closing Entry 3. Balance Sheet 4. Current Ratio. 5. Net Profit Margin. 6. Total Asset Turnover. Note: Maintain the order in which the accounts appear on the Adjusted Trial Balance on the corresponding statements.

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1 Income Statement Klushnan Industries Income Statement For the Year Ended December 31 20xx Service Revenue 48000 Expenses Salaries and Wages Expense ... View the full answer