A Adjusted Trial Balance - X he adjusted trial balance of Carmela Creations at June 30, 2020, the end of i (Click the icon to view the adjusted trial balance.) equired . Prepare the incorre staterrient and statement of owner's equity for the yea . Journalize the closing entries. . Compute Carmela Creations's current ratio and debt ratio at June 30, 202 mat for the balance sheet. 28,000 25,080 Creations's ability to pay debis improve or deteriorate during the fiscal year? 1,894 1,462 equirement 1. Prepare the income statement and statement of owner's equ account format for the balance sheet. gn to indicate a net loss.) 3,100 58,400 repare the income statement. Start by completing the heading, and then cho 59,489 Land Accounts payable Interest payable Salaries payable Uneamed service revenue Note payable, long-term A. Kruger, capital A. Kruger, withdrawals Service revenue Amortization expense equipment Amortization expense-building Salaries exponse Insurance expense Interest expense Utilities expense 28,170 95,000 Revenue Expenses 4,420 2,500 13,880 2,000 8,700 2,640 2,149 Supplies expense $ 264,815 $ 264,815 Total hoose from any list or enter any number in the input fields and then co Print Done ? The adjusted trial balance of Carmela Creations at June 30, 2020, the end of the company's fiscal year, is provided. (Click the icon to view the adjusted trial balance.) Required 1. Prepare the income statement and statement of owner's equity for the year ended June 30, 2020, and the classified balance sheet on that date. Use the account format for the balance sheet. 2. Journalize the closing entries. 3. Compute Carmela Creations's current ratio and debt ratio at June 30, 2020. One year ago, the current ratio stood at 1.72 and the debt ratio was 1.27. Did Carmela Creations's ability to pay debts improve or deteriorate during the fiscal year? Requirement 1. Prepare the income statement and statement of owner's equity for the year ended June 30, 2020, and the classified balance sheet that date. Use the account format for the balance sheet. Prepare the income statement. Start by completing the heading, and then choose the accounts and enter the corresponding amounts. (Use parentheses or a minus sign to indicate a net loss.) Revenue Expenses i Adjusted Trial Balance The adjusted trial balance of Carmela Creations at June 30, 2020, the end of the company's fiscal year, is provided. (Click the icon to view the adjusted trial balance.) Required 1. Prepare the income statement and statement of owner's equity for the year ended June 30, 2020, and the classified balance sheet on that date. 2. Journalize the closing entries. . 3. Compute Carmela Creations's current ratio and debt ratio at June 30, 2020. One year ago, the current ratio stood at 1.72 and the debt ratio was Carmela Creations Adjusted Trial Balance June 30, 2020 Jar? Net income Account Debit Credit Next, prepare the statement of owner's equity by completing the heading, selecting the correct labels, and entering the corresponding amounts. Cash $ 13,800 15,870 Accounts receivable 18.786 2.900 49,000 Add: Supplies Prepaid insurance Equipment Accumulated amortization equipment Building Accumulated amortizationbuilding Land $ 10.200 72,000 10,190 Less: 28,000 Accounts payable Interest payable Salaries payable 25.080 1,894 1,462 Int Now prepare the classified balance sheet in account format. Begin by completing the heading, and then choose the account names and amounts for accounts in the order given. Abbreviations used: exp. - expense; build. = building; equip. -equipment.) Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Now prepare the classified balance sheet in account format. Begin by completing the heading, and then choose the account names and amounts for assets, followed by liabilities and owner's equity. (Enter the property, plant, and equipment accounts in the order given. Abbreviations used: exp. = expense; build. = building; equip. = equipment.) Assets Liabilities Current assets Current liabilities: Total current assets Total current liabilities Property, plant and equipment Long-term liabilities: Choose from any list or enter any number in the input fields and then continue to the next question. Total current assets Total current liabilities Property, plant and equipment Long-term liabilities: Total liabilities Owner's Equity Total property, plant and equipment Total liabilities and owner's equity Total assets Choose from any list or enter any number in the input fields and then continue to the next question. ? Requirement 2. Journalize the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by closing out the revenue account. Journal Entry Date Accounts Debit Credit Jun. Close out the expense accounts. Journal Entry Date Accounts Debit Credit Jun. Choose from any list or enter any number in the input fields and then continue to the next question. Journal Entry Date Accounts Debit Credit Jun. Requirement 3. Compute Carmela Creations's current ratio and debt ratio at June 30, 2020. One year ago, the current ratio stood at 1.72 and the debt ratio was 1.27. Did Carmela Creations's ability to pay debts improve or deteriorate during the fiscal year? (Round ratios to two decimal places.) The current ratio for Carmela Creations is During fiscal 2020, Carmela Creations's ability to pay current liabilities with current assets The debt ratio for Carmela Creations is declined. During fiscal 2020, Carmela Creations's ability to pay liabilities improved. remained the same. Choose from any list or enter any number in the input fields and then continue to the HUAL YUUIUIT