can somone explain me this assignment please

P4-6B The adjusted trial balance of Note Design at December 31, 2020, the end of the company's fiscal year, is shown below. Required 1. Prepare Note Design's income statement and statement of owner's equity for the year ended December 31, 2020, and the classified balance sheet on that date. Use the account format for the balance sheet. Report expenses from largest to smallest amount. 2. Journalize the closing entries. Include explanations. 3. Compute Note Design's current ratio and debt ratio at December 31, 2020. One year ago, the current ratio stood at 1.21, and the debt ratio was 0.55. Did Note Design's ability to pay debts improve or deteriorate during fiscal 20202 4 NOTE DESIGN Adjusted Trial Balance April 30, 2020 Cash Accounts receivable Supplies Prepaid insurance $ 3,740 87,480 7,380 4.580 $ 3,740 87,480 7,380 4,580 127,860 $ 56,860 148,660 36,520 40,000 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated amortization--equipment Building Accumulated amortization-building Land Accounts payable Interest payable Wages payable Unearned revenue Note payable, long-term L. Ramsey, capital L. Ramsey, withdrawals Service revenue Amortization expense-equipment Amortization expense-building Wages expense Insurance expense 41,100 5,560 2,660 7,320 139,800 128,400 56,000 197,100 13,800 7,420 66,620 10,740 vov " ' 128,400 56,000 197,100 L. Ramsey, capital L. Ramsey, withdrawals Service 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 2356 Preparing financial statements from an adjusted trial balance, journalizing adjusting and closing entries, evaluating a business