1. Prepare the income statement for the year ended December 31, 2016.
2. Prepare the statement of owner's equity for the year ended December 31, 2016. Assume the owner had no additional contributions during the year.
3. Prepare the classified balance sheet at December 31, 2016. Use the report form.
4. Calculate the current ratio at December 31, 2016.
5. Journalize and post the closing entries. Indicate the balance of the Martinez, Capital account after the closing entries are posted.
6. Prepare a post-closing trial balance at December 31, 2016.
... Data table Martinez Advertising Services Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash S 6.000 8,300 200 8,000 $ 6.000 42.000 24.000 Accounts Receivable Office Supplies Furniture Accumulated DepreciationFurniture Building Accumulated DepreciationBuilding Land Accounts Payable Salaries Payable Uneared Revenue Notes Payable (long-term) Martinez, Capital Martinez, Withdrawals 10.000 2.000 500 5.000 7.000 12.000 25,000 Service Revenue 84.300 Salaries Expense 16,500 Supplies Expense 800 2.000 Depreciation Expense-Furniture Depreciation ExpenseBuilding Advertising Expense 1.000 3.000 S 120,800 $ 120,800 Total Print Done The adjusted trial balance of Martinez Advertising Services, at December 31, 2016, follows. (Click the icon to view the adjusted trial balance.) Read the requirements ..... Requirement 1. Prepare the income statement for the year ended December 31, 2016. (If a box is not used in the statement, leave the box empty: do not select a label or enter a zero.) (, X Martinez Advertising Services Income Statement Year Ended December 31, 2016 Data table Requirements Revenues: Service Revenue Expenses Martinez Advertising Services Adjusted Trial Balance December 31, 2016 Balance Debit Credit 1. Prepare the income statement for the year ended December 31, 2016. 2. Prepare the statement of owner's equity for the year ended December 31, 2016. Assume the owner had no additional contributions during the year. 3. Prepare the classified balance sheet at December 31, 2016. Use the report form. 4. Calculate the current ratio at December 31, 2016. 5. Journalize and post the closing entries. Indicate the balance of the Martinez, . Capital account after the closing entries are posted. 6. Prepare a post-closing trial balance at December 31, 2016. . Account Title Cash $ $ 6.000 6,300 200 8,000 Accounts Receivable Office Supplies Fumiture Accumulated Depreciation Furniture Building Accumulated Depreciation-Building Print $ $ 6.000 Done 42,000 Net Income 24,000 10.000 2.000 500 5,000 7.000 12,000 Land Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Martinez, Capital Martinez, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Furniture Depreciation ExpenseBuilding 25,000 64,300 16,500 800 2,000 1.000 3,000 Advertising Expense $ 120,800 $ 120.800 Total Print Done
