Angela's Business Services Corp. Adjusted Trial Balance December 31, 20XX ACCOUNT NAME CREDIT DEBIT Cash $40,400 3,600 Prepaid Insurance Supplies Office Equipment Accum Depn-Office Equip Accounts Payable Salary Payable 7,900 25,000 $10,000 5,300 4,000 1,500 20,000 40,000 Unearned Revenue Common Stock Retained Eamings 8,000 Dividends 85,300 Service Revenue 14,400 Insurance Expense Salary Expense Depreciation Expense Supplies Expense 49,000 2,500 15,300 $166.000 $166.100 TOTALS On journal paper provided, journalize the closing entries for the corporation 2. Prepare the corporate Income Statement including an adjustment for 30 % income tax. 3. Prepare the corporate Statement of Owner's Equity. 4. Prepare the corporate classified Balance Sheet. 5 Calculate BOTH the Current Ration and the Debt Ratio. Assuming the Current Ratio was 4.0 and the Debt Ratio was .11 in the prior year, were the ratios improving or deteriorating? 1