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o the ings and a Statement of Pinaneial Poaltiont reparing Bot Balance (P4-6) ACME Pest Con trol Services (organized as a corporation on September 1 le for the second year, ended 2017 trom a Trial August 31, 2017. ACME Pest Control has slso completed a correct trial balance as follows: ACME PEST CONTROL SERVICES Trial Balance At August 31, 2017 Debit Account Titles Credit Accounts receivable Supplies inventory Service vehicles (company vans) Accumulated depreciation, automobiles 30,800 1,300 60,000 s 20,000 14,000 Accumulated depreciation, equipment Accounts payable Salaries payable Note payable, long term Contributed capital (10,000 shares) Retained eamings (on September 1, 2013) Dividends declared Sales revenue 4,000 16,700 1,100 34,000 40,000 4,300 2,000 38,000 17,000 27,000 12,000 2.000 $175,100 Maintenance contract revenue Operating expenses (detail omitted to conserve your time) Depreciation expense (including $2,000 on equipment) Interest expense $175,100 Totals Required L. Prepare a statement of earnings for the reporting year ended August 31, 2017. Include income tax net eanings before income tax, income tax, net earnings, and earnings per share (list each item under these captions as appropriate). expense, assuming a 30 percent tax rate. Use the following major captions: revenues, expenses, 2 Prepare the journal entry to record income taxes for the year (not yet paid). 3 Prepare a statement of financial position at the end of the reporting year, August 31, 2017. Use the following captions (list each item under these captions as appropriate) Assets Current assets Non-current assets Liabilities Current liabilities Non-current liabilities Shareholders' Equitg Contributed capital Retained earnings 5. Prepare the closing entries at August 31, 2017 margin ratio and the return on equity. What do these ratios suggest

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