1.6E4-18 Preparing a classified balance sheet and calculating the curren 1. Total Assets $62.600 The adjusted trial balance of Melanic O'NMallie Dance Studio Company 1. Total Assets $62,600 MELANIE O'MALLIE DANCE STUDIO COMPANY Trial Balance August 31, 2018 Debit 16,000 1,800 1,500 49,000 Credit Account Title Cash Office Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) 'Mallie, Capital O'Mallie, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense 5,700 4,800 100 5,000 5,400 37,000 1,100 18,100 3,600 1,100 400 500 1,100 Utilities Expense Total $ 76.100 $ 76,100 Requirements 1. Prepare the classified balance sheet of Mclanie O'Mallie Dance Studio Company at August 31, 2018. Use the report form. You must compute the O'Mallie, Capital. 2. Compute O'Mallie's current ratio at August 31, 2018. One year ago, the cut- rent ratio was 1.76. Indicate whether OMalle's ability to pay current debs improved, deteriorated, or remained the same