After recording all of the transactions for the first year for Maltese Co$.$ the $2$A$.$ In doing your research you discover that the industry average for the current ratio is $1\mathrm{.}5$

and the industry average for the debt ratio is $\mathrm{.}3.$ Of the two ratios which one are you

more concerned with and why? $\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$May $31,2022,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

previous bookkeeper resigned from Maltese Co$.$ leaving you with the trial balance.

$($See the next tab on this spreadsheet for the trial balance$).$

A$.$ Record the required adjustments below as of $\frac{5}{31}\frac{?}{22}$ on the Journal provided

on the attached workpaper.

i$.$ $$1,150$ of revenue was earned but not recorded. Cash will be received in June.

Record the required adjustment.

ii$.$ Supplies on hand at May $31,$ $$360.$ Record the adjustment for supplies used.

iii. $5$ months of rent was paid for in advance on $2/1/22.$ Maltese began renting out the office

space on $2/1.$ Record the adjustment for rent expired.

iv$.$ Depreciation of Equipment for the year, $$1,650.$ Record the required adjustment.

v$.$ Entered into a contract with the Investment Company. Maltese received cash in advance.

The contract required Maltese to perform $80$ hours of services for the Investment Co$.$

As of $\frac{5}{3163}$ hours of the $80$ hours of services had been performed. Record the

required adjustment.

vi$.$ Wages accrued but not paid at May $31$; $$2,180.$ Record the required adjustment.

B$.$ Prepare the Adjusted Trial Balance as of $\frac{5}{31}\frac{?}{22}$ on the spreadsheet provided.

C$.$ Complete the Income Statement, Retained Earnings Statement and the classified Balance Sheet

on the spreadsheet provided. An outline of each financial statement is provided to

assist you.

Compute the Current Ratio and Debt Ratio for Maltese

A$.$ In doing your research you discover that the industry Average for the Current ratio is $1\mathrm{.}5$

and the industry Average for the Debt Ratio is $\mathrm{.}3.$

$Pr$

Compute the Current Ratio and debt atio for Maltese Company on the workpaper provided.

What ratio are you more concered with and Why?

Record the closing entries for the fiscal year ended May $31,2022$

Prepare the post$-$closing trial balance as of May $31,2022$

Submit all of the requirements on the work sheet provided. Submit one project per group.

Each student should also submit a Team Assessment on the word document provided.