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No. 101 104 126 128 167 168 173 174 183 201 203 208 210 213 233 251 301 302 401 406 407 409 606 612 623 633 637 640 652 682 683 684 688 690 GIOVANNI COMPANY Adjusted Trial Balance December 31, 2011 Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,400 Short- term investments . . . . . . . . . . . . . . . . . . . . 10,200 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . . 800 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 Accumulated depreciation Equipment . . . . . . . $ 3,000 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Accumulated depreciation Building . . . . . . . . . 9,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,500 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 Rent payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Wages payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,180 Property taxes payable . . . . . . . . . . . . . . . . . . . . . . 2,330 Unearned professional fees . . . . . . . . . . . . . . . . . . 650 Long- term notes payable . . . . . . . . . . . . . . . . . . . . 32,000 J. Giovanni, Capital . . . . . . . . . . . . . . . . . . . . . . . . . 91,800 J. Giovanni, Withdrawals . . . . . . . . . . . . . . . . . . . . 14,500 Professional fees earned . . . . . . . . . . . . . . . . . . . . 57,000 Rent earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,600 Dividends earned . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 Interest earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,120 Depreciation expense Building . . . . . . . . . . . . . . 2,000 Depreciation expense Equipment . . . . . . . . . . . . 1,000 Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . . 1,425 Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . 900 Postage expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 Property taxes expense . . . . . . . . . . . . . . . . . . . . . 3,825 Repairs expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,579 Telephone expense . . . . . . . . . . . . . . . . . . . . . . . . 921 Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,820 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $210,280 $210,280 J. Giovanni invested $30,000 cash in the business during year 2011 (the December 31, 2010, credit balance of the J. Giovanni, Capital account was $ 61,800). Required: 1. Prepare the income statement and the statement of owner's equity for the calendar year 2011 and the classified balance sheet at December 31, 2011. 2. Prepare the necessary closing entries at December 31, 2011. 3. Use the information in the financial statements to calculate these ratios: ( a) return on assets ( total assets at December 31, 2010, were $ 130,000), ( b) debt ratio, ( c) profit margin ratio ( use total revenues as the denominator), and ( d) current ratio