2. Below is an adjusted Trial Balance for Palacio Security Services. Verify its accuracy and then follow these instructions: Prepare a proper Income Statement, Statement of Stockholders Equity and a Balance sheet Calculate: Current Ratio o Acid Ratio (Current assets - Inventory/Current Liabilities) o Debt to Equity o Debt To Assets I Palacio Security Services Adjusted Trial Balance 12/31/2016 Description Debit Credit $ $ $ $ $ $ $ 375,757 401,450 12,817 115,353 5,127 1,282 24,352 Cash Accounts receivable Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Land Accounts Payable Unearned Revenue Common Stock Retained Earnings Sales COGS Office supply Expense Grass Cutting Expense Miscellaneous Expense Office Rent Expense Insurance Expense Salary expense Advertising Expense $ 199,119 $ 5,246 $ 165,000 $ 504,835 $ 1,147,000 $ $ $ $ $ $ $ 516,150 22,940 32,116 9,176 91,750 28,675 321,160 17,205 $ . Prepare a proper Income Statement, Statement of Stockholders Equity and a Balance sheet. Calculate: o Current Ratio o Acid Ratio (Current assets - Inventory/Current Liabilities) o Debt to Equity o Debt To Assets Palacio Security Services Adjusted Trial Balance 12/31/2016 Description Debit Credit $ $ $ $ $ $ $ 375,757 401,450 12,817 115,353 5,127 1,282 24,352 Cash Accounts receivable Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Land Accounts Payable Unearned Revenue Common Stock Retained Earnings Sales COGS Office supply Expense Grass Cutting Expense Miscellaneous Expense Office Rent Expense Insurance Expense Salary expense Advertising Expense Utilities expense Dividends $ 199,119 $ 5,246 $ 165,000 $ 504,835 $ 1,147,000 $ 516,150 $ 22,940 $ 32,116 9,176 91,760 28,675 321,160 17,205 11,470 S 34,410 $ 2,021,200 $ 2,021,200