Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).

Walton Anvils
Unadjusted Trial Balance
December 31, 2016
	Balance
Account Title	Debt	Credit
Cash	$ 16,900.00
Accounts Receivable	17,500
Prepaid Rent	2,500
Office Supplies	1,900
Equipment	23,000
Accumulated Depreciation - Equipment		$ 7,000.00
Accounts Payable		6,200.00
Salaries Payable
Unearned Revenue		5,600.00
Common Stock		28,000.00
Retained Earnings		1,600.00
Dividends	4,500
Service Revenue		20,800.00
Salaries Expense	2,900
Rent Expense
Depreciation Expense - Equipment
Supplies Expense
Total	$ 69,200.00	$ 69,200.00

Adjustment Data

a. Unearned revenue still unearned at December 31, 2016	$1,800
b. Prepaid rent still in force at December 31, 2016	$2,300
c. Office supplies used	$1,400
d. Depreciation	$380
e. Accrued Salaries Expense at December 31, 2016	$210

Requirements

Open T-accounts using the balances in the unadjusted trial balance.

Complete the worksheet for the year ended December 31, 2016.

Prepare the adjusting entries and post to the T-accounts.

Prepare the adjusted trial balance.

Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.

Prepare the closing entries and post to the T-accounts.

Prepare a post-closing trial balance.

Calculate the current ratio for the company.