6. Post adjusting entries and prepare an adjusted trial balance 7. Prepare a multi-step income statement and statement of owner's equity for the year ended December 31, 2018 Prepare a classified balance sheet as of Dscember 31, 2018 Assume Interest Receivable is a current asset and Interest Payable is a current liability 8. Evaluate the company's success for the first year of operations by calculating the following ratios Round to two decimal places Comment on the results a. Liquidity i. Current ratio ii. Acid-test ratio ili Cash ratio b. Efficiency i. Accounts receivable turnover i. Day's sales in receivables ili. Asset turnover iv. Rate of return on total assets Print Done Colin Cameron Appliance-Nantucket Adjusted Trial Balance December 31, 2018 Balar Account Title Cash Petty Cash Accounts Receivable Allowance for Bad Debts Merchandise Inventory Office Supplies Prepaid Insurance Interest Receivable Notes Receivable Land Building Accumulated Depreciation-Building Debit Credit $872,068 280 310,000 12,400 214,000 140 1,700 5,250 210,000 120,000 410.000 12,000 Print Done Clear All Reference Store Fixtures Accumulated Depreciation Store Fixtures Office Equipment Accumulated Depreciation- Office Equipment Franchise Accounts Payable Interest Payable Notes Payable Baen, Capital Baen, Withdrawals Sales Revenue Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense 120,000 8,000 40,000 16,000 47,700 415,000 54,000 450,000 570,000 10,000 2,085,000 20,800 901,000 104,250 150,000 14,000 1,700 Print Done i Reference Interest Revenue Cost of Goods Sold Franchise Fee Expense Salaries Expense Utilities Expense Insurance Expense Supplies Expense Bad Debt Expense Bank Expense Credit Card Expense Depreciation Expense-Building Depreciation Expense-Store Fixtures Depreciation Expense-Office Equipment Amortization Expense-Franchise Interest Expense Cash Short and Over Total 20,800 901,000 104.250 150,000 14,000 1 700 405 12.400 1.500 1,500 12,000 8,000 16,000 5,300 54,000 7 S 3,643,200 S 3,643,200 Print Done Requirement 7. classified balance sheet as of December 31, 2018. Assume Interest Receivable is a current asset and erest Payable is a current liab Begin by preparing a multi-step income statement for the year ended December 31, 2018. (Use a minus sign or parentheses to show Expenses". Assume that Bank Expense and Credit Card Expense are considered to be operating expenses) Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2018 Prepare a erest Payable is a current liability (Click the icon to view the adjusted trial balance.) Colin Cameron Appliance-Nantucket Income Statement Year Ended December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check Answer remaining O Type here to search