P4-6 Preparing Both a Statement of Earnings and a Statement of Financial Position from a Trial Balance and Closing Entries (AP4-6) LO4-2, 4-3, 4-4 Juan Real Estate Company (organized as a corporation on April 1, 2013) has completed the accounting cycle for the year ended March 31, 2024. Juan has also completed a correct trial balance as follows: Page 228 Required: 1. Prepare a statement of earnings for the fiscal year ended March 31, 2024. Include income tax expense, assuming a 30 percent tax rate. Use the following major captions: revenues, expenses, earnings before income taxes, income tax expense, net earnings, and earnings 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). 3. Prepare a classified statement of financial position at March 31, 2024. 4. Compute the net profit margin ratio and the return on equity, assuming that contributed capital did not change during the year. What do these ratios suggest? 5. Prepare the closing entries at March 31, 2024
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