Mark Hanson, the accountant for Glenn Graphics, had prepared the worksheet shown below on a computer spreadsheet but has lost much of the data. The only particular item the accountant can recall is that an adjustment was made to correct an error where $900 of supplies, purchased on credit, had been incorrectly recorded as $9,000 of equipment.

Required
1. Complete the worksheet by filling in the missing data.
2. Journalize the closing entries that would be required on December 31, 2017. Include explanations.
3. Prepare the company's classified balance sheet as of December 31, 2017, in report format.
4. Compute Glenn Graphics' current ratio and debt ratio for December 31, 2017. On December 31, 2016, the current ratio was 2.25 and the debt ratio was 0.41. Comment on the changes in the ratios.
5. If the company were reporting under IFRS, how might the balance sheet presentation differ from the one prepared in Requirement 3?

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GLENN GRAPHICS Worksheet For the Year Ended December 31.2017 Unadjusted Trial Balance Adjusted Trial Balance Income Statement Adjustments Balance Sheet Account Title Cr Dr Cr Dr Cr Dr Cr Cash Accounts receivable Supplies Prepaid insurance 18,000 34,050 2,100 2,400 39,000 18,000 34,200 (b) 1,050 2,100 30,000 pment Accum. amort.-equip Building Accum. amort.-bldg. Land Accounts payable Wages payable Interest payable Unearned revenues Mortgage payable W. Glenn, capital W. Glenn, withdrawals Graphics fees earned Wages expense Insurance expense Interest expense Utilities expense Supplies expense Amort. exp.-equip. Amort. exp.-bldg. Totals 4,500 6,750 129,000 129,000 36,900 (e) 3,450 36,000 36,000 24,000 1,350 3,000 4,050 (g) 600 60,000 15,900 (f) 600 60,000 118,500 118,500 37,000 37,000 37,000 147,650 148,400 85,050 3,300 13,000 1,050 85,650 (b) 1,050 (d) 2,250 1,050 1,050 2,250 399,950 399,950