Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March31, 2021. Juan has also completed a correct trial balance as follows:Account TitlesCashJUAN REAL ESTATE COMPANYAdjusted Trial BalanceAt March 31, 2021Accounts receivableOffice supplies inventoryAutomobiles (company cars)Accumulated depreciation, automobilesOffice equipmentAccumulated depreciation, office equipmentAccounts payableSalaries and commissions payableNote payable, long termContributed capital (30,000 shares)Retained earnings (on April 1, 2020)Dividends declaredSales commissionsManagement feesOperating expenses (detail omitted to conserve your time)Depreciation expense (including $500 on office equipment)Interest expenseTotalsAssetsCurrent assetsDebitNon-current assetsLiabilitiesCurrent liabilitiesNon-current liabilitiesShareholders' EquityContributed capitalRetained earnings$ 53,00044,8004. Compute the net profit margin ratio and the return on equity. What do these ratios suggest?5. Prepare the closing entries at March 31, 2021.30030,0003,0008,00048,000Credit$10,0001,00020,2501,50030,00035,0007,350Required:1. Prepare a statement of earnings for the reporting year ended March 31, 2021. Include income tax expense, assuming a 30 percent taxrate. Use the following major captions: revenues, expenses, earnings before income taxes, income tax expense, net earnings, andearnings per share (list each item under these captions as appropriate).2. Prepare the journal entry to record income taxes for the year (not yet paid).77,00013,0003. Prepare a statement of financial position at the end of the reporting year, March 31, 2021. Use the following captions (list each itemunder these captions as appropriate):5,5002,500$195,100 $195,100Page 3 of 5

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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:

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:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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