Bal., as shown in Exhibit 4-10 (page 18/). DUUDI balance. 2. Prepare the post-closing trial balance. 3. Prepare the classified balance sheet at December 31, 2017 Problem 4-6B The adjusted trial balance of Musquem Golf School at April 30, 2017, the end of the com- pany's fiscal year, is shown on the next page. Preparing financial statements from an adjusted trial balance, journalizing adjusting and closing entries, evaluating a business Required 1. Prepare Musquem Golf School's income statement and statement of owner's equity for the year ended April 30, 2017, and the classified balance sheet on that date. Use the account format for the balance sheet. 2. Journalize the closing entries. Include explanations. 3. Compute Musquem Golf School's current ratio and debt ratio at April 30, 2017. One year ago, the current ratio stood at 1.21, and the debt ratio was 0.82. Did Musquem Golf School's ability to pay debts improve or deteriorate during fiscal 2017? 232 Part 1 The Basic Structure of Accounting MUSQUEM GOLF SCHOOL Adjusted Trial Balance April 30, 2017 $ Cash Accounts receivable Supplies Prepaid insurance Equipment 3,740 87450 7,380 4,580 127,860 S 56 60 Accumulated amortization equipment Building Acumulated amortization building 148,660 36,520 40,000 Land 41,100 5,560 2,660 7,320 139,800 128,400 56,000 197,100 Accounts payable Interest payable Wages payable Unearned teaching revenue Notes payable, long-term J. Wilson, capital J. Wilson, withdrawals Teaching revenue Amortization expense--equipment Amortization expense-building Wages expense Insurance expense Interest expense Utilities expense Supplies expense Total 13,800 7,420 66,620 10,740 17,340 9,940 13,760 $615,320 $615,320