The adjusted trial balance for anara co. as of december 31, 2013,

The adjusted trial balance for Anara Co. as of December 31, 2013, follows.

ANARA COMPANY

Adjusted Trial Balance

December 31, 2013

No. Account Title                                                                                    Debit                                                 Credit

101         Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $       7,400

104         Short-term investments . . . . . . . . . . . . . . . . . . . . .               11,200

126 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          4,600

128 Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . .         1,000

167 Equipment   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       24,000

168 Accumulated depreciation—Equipment  . . . . . . . .                                                                               $   4,000

173 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       100,000

174 Accumulated depreciation—Building   . . . . . . . . . .                                                                                   10,000

183 Land  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         30,500

201 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                                         3,500

 

(Cont…)

 

Additional Information

P. Anara invested $40,000 cash in the business during year 2013 (the December 31, 2012, credit  balance of

the P. Anara, Capital account was $52,800). Anara Company is required to make a $8,400 payment on its

long-term notes payable during 2014.

Required: show in good form in Excel

 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, 2013.

 2.  Prepare the necessary closing entries at December 31, 2013.

 3.  Use the information in the financial statements to calculate these ratios: (a) return on assets  (total assets at December 31, 2012, were $160,000), (b) debt ratio, (c) profit margin ratio (use total  revenues as the denominator), and (d) current ratio.

 

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