Data Table

Brinney Irrigation System
Adjusted Trial Balance
December 31, 2016
		Balance
	Account Title	Debit	Credit
	Cash	$12,500
	Accounts Receivable	47,000
	Office Supplies	24,400
	Prepaid Insurance	6,400
	Equipment	22,000
	Accumulated DepreciationEquipment		$6,500
	Building	57,100
	Accumulated DepreciationBuilding		24,500
	Accounts Payable		35,200
	Interest Payable		2,200
	Salaries Payable		3,800
	Unearned Revenue		1,800
	Notes Payable (long-term)		30,000
	Common Stock		13,000
	Retained Earnings		22,000
	Dividends	2,900
	Service Revenue		58,000
	Insurance Expense	1,000
	Salaries Expense	17,000
	Supplies Expense	1,400
	Interest Expense	2,200
	Depreciation ExpenseEquipment	1,900
	Depreciation ExpenseBuilding	1,200
	Total	$197,000	$197,000

0 Requirements 1. Prepare the company's income statement for the year ended December 31, 2016. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2016. 3. Prepare the company's classified balance sheet in report form at December 31, 2016. 4. Journalize the closing entries for Brinney Irrigation System. 5. Compute the company's current ratio at December 31, 2016. At December 31, 2015, the current ratio was 2.5. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Print Done