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ECT 2 PHYSICAL THERAPY O C4-3 Recording Transactions (including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, L Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplity Credit counts Payable Balaries and Wages Payable Interest Payable The Tax Payable Totale Transactions during 2018 summarized in thousands of dollars) follow a Borrowed $3 cash on July 1 2018, signing a month note payable Prev 11 Next JECT 2 PHYSICAL THERAPY Retained Earnings Service Raven Depreciation pense Amortization Expense Salaries and Wages Expense Supplies Expanse Interest Expense Income Tax Expense Total 02:20:53 Transactions during 2018 (summarized in thousands of dollars) follow. a. Borrowed $13 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $16 cash on July 2, 2018 c Issued additional shares of common stock for $6 on July 3. d. Purchased software on July 4, $2 cash. e. Purchased supplies on July 5 on account for future use. $8. Recorded revenues on December 6 of $47, including $9 on credit and $38 received in cash. 9. Recognized salaries and wages expense on December 7 of $21; paid in cash. h. Collected accounts receivable on December 8, $8. Pald accounts payable on December 9, $9. J. Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019, Data for adjusting journal entries on December 31: k Amortization for 2018. $3. Supplies of $2 were counted on December 31, 2018 m. Depreciation for 2018. $3. n Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4 p. Income tax expense for 2018 was $3 and will be paid in 2019 (Enter all of your answers in thousands of dollars. (.e., $100,000 should be entered as $100).) Prev 1 of 1 Next (Enter of your answers in thousands of dollars..., 3100,000 should be entered as $100. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Prepare the journal entries to record transactions (a) through U). Then prepare the necessary adjusting entries (k) throug correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 O O O O O OO Borrowed $13 cash on July 1, 2018, signing a she-month note payable. Record the transaction Jul 01, 2018 Cash Notes Payable short-term) Record entry Clear entry View general journal Prev 1 of 1 Next (Enter all of your answers in thousands of dollars. (l.e., $100,000 should be entered 100 points Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Balar Earnings (8 03:2735 Choose the appropriate accounts to be reported on the income statement. Select the 'adju then populate the balances in those accounts from the trial balance. eBook Post-closing- NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2018 (In thousands) References ( Trial Balance Statement of Retained Earnings Prev 1 of 1 !!! Ne 20 I' o. Salaries and wages incurred but not yet palu UI Telulueu, p. Income tax expense for 2018 was $3 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (l.e., $100,000 should be entered as Statement of General General Income Requirement Trial Balance Retained Balanc Journal Statement Ledger Earnings Prepare the statement of retained earnings for the year ended December 31, 2018. You will accounts and balances to prepare the Statement of Retained Earnings. Post-closing NORTHLAND PHYSICAL THERAPY Statement of Retained Earnings For the Year Ended December 31, 2018 (in thousands) Balance, January 1, 2018 Balance, December 31, 2018 / Prev 1 of 1 Next General General Journal Income Requirement Trance Stement Statement of Retained Earnings Balance Sheet Ledger property included on the date balance sheet. The adjusted adjusted, or post-doing ba Use the dropdown to select the each account based on your selection Post-dosing Prevtoft Next A nul 2010, 0. Accrued interest of $1 on notes payable. Salaries and wages incurred but not yet paid or recorded, $4. Income tax expense for 2018 was $3 and will be paid in 2019. Enter all of your answers in thousands of dollars. (le, $100,000 should be entered as $100) General Requirement Statement of General Income Trial Balance Retained Balance Sheet Analysis Requirement Journal Ledger Statement Earnings Calculate the Net Pofit Margin and Current Ratio. Net Income can be found on Income statement tab. (Hint: Select Adjusted on the dropdown.) Post-closing Dates: Jan 01, 2015 to: Dec 31, 2018 much encome did Northland Physical Therapy. In generale during 20187 What was net profit margin en todella Net Income Net Profit Margin h a nced by bylbilities of stockholdersequity? What is the current to? Current Ratio

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