Prepare the necessary closing entries at december

Assignment Help Accounting Basics

Reference no: EM131532879

Question: The adjusted trial balance for Giovanni Co. as of December 31, 2011, follows.

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). Giovanni Company is required to make a $6,400 payment on its long-term notes payable during 2012.

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 $150,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio.

Reference no: EM131532879

Questions Cloud

Enter adjusting and closing information in the work sheet : Prepare a 10-column work sheet for fiscal year 2011, starting with the unadjusted trial balance and including adjustments based on these additional facts.

Demand means that quantity demanded falls : A decrease in demand means that quantity demanded falls

America leading neuroscientists : One of America's leading neuroscientists, Daniel Levitin, recently published a book entitled "A Field Guide to Lies: Critical Thinking in the Information Age."

Consider the way that health care is marketed today : Consider the way that health care is marketed today and suggest at least one innovative technique that could revolutionize health care marketing in the future.

Prepare the necessary closing entries at december : 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).

Explain key phrases to redirect behaviors in the classroom : Explain Key phrases to redirect behaviors in the classroom. Steps to maintain personal self-control, both for the teacher and student.

Issues that challenges the organization : Provide an overview of the organization AT&T and the problem/issues that challenges the organization.

Considering replacing the wood steamer : The Gilbert Instrument Corporation is considering replacing the wood steamer it currently uses to shape guitar sides.

Financial strength of disney : What is your assessment of Walt Disney Company's financial and operating performance in fiscal years 2010-2013 and your assessment of the relative contribution.

User Account

All Pages