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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...)
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. Click here for tutorial
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