Ratio analysis & Adjusting and closing entries

1) The following information pertains to Tyson Company:

Cash $ 40,000
Accounts receivable 105,000
Merchandise inventory 75,000
Plant assets (net) 380,000
--------
Total assets $600,000

Accounts payable $ 55,000
Accrued taxes and expenses payable 25,000
Long-term debt 140,000
Common stock ($10 par) 160,000
Paid-in capital in excess of par 40,000
Retained earnings 180,000
--------
Total equities $600,000

Net sales (all on credit) $800,000
Cost of goods sold 600,000
Net income 81,000

INSTRUCTIONS:

Compute the following: (It is not necessary to use averages for
any balance sheet figures involved.)

(a) Current ratio

(b) Inventory turnover

(c) Receivables turnover

(d) Book value per share

(e) Earnings per share

(f) Debt to total assets

(g) Profit margin on sales

(h) Return on common stock equity

2) The following trial balance was taken from the books of Fisk
Corporation on December 31, 2004.

Account Debit Credit
------- ----- ------
Cash $ 12,000
Accounts Receivable 40,000
Note Receivable 7,000
Allowance for Doubtful Accounts $ 1,800
Merchandise Inventory 54,000
Unexpired Insurance 4,800
Furniture and Equipment 125,000
Accumulated Depreciation of F. & E. 15,000
Accounts Payable 10,800
Common Stock 44,000
Retained Earnings 55,000
Sales 310,000
Cost of Goods Sold 131,000
Salaries Expense 50,000
Rent Expense 12,800
-------- --------
Totals $436,600 $436,600

At year end, the following items have not yet been recorded.

a. Insurance expired during the year, $2,000.
b. Estimated bad debts, 1% of gross sales.
c. Depreciation on furniture and equipment, 12% per year.
d. Interest at 8% is receivable on the note for one full year.
e. Rent paid in advance at December 31, $5,400 (originally charged
to expense).
f. Accrued salaries at December 31, $5,800.

INSTRUCTIONS
(a) Prepare the necessary adjusting entries.
(b) Prepare the necessary closing entries.