E4-17 (similar to) The adjusted trial balance of Carrie O'Connell Dance Studio Company follows: (Click the icon to view the adjusted trial balance.) Requirements 1. Prepare the classified balance sheet of Carrie O'Connell Dance Studio Company at August 31, 2016. Use the report form. You must compute the ending balance of O'Connell, Capital. 2. Compute O'Connell's current ratio at August 31, 2016. One year ago, the current ratio was 1.64. Indicate whether O'Connell's ability to pay current debts has improved, deteriorated, or remained the same. Requirement 1. Prepare the classified balance sheet of Carrie O'Connell Dance Studio Company at August 31, 2016. Use the report form. You must compute the ending balance of O'Connell, Capital. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the owner's equity section Carrie O'Connell Dance Studio Company Data Table -X Balance Sheet August 31, 2016 Assets Carrie O'Connell Dance Studio Company Trial Balance August 31, 2016 Balance Account Title Debit Credit Cash S 13,600 Office Supplies 2,000 Prepaid Rent 1,200 Less: Equipment 58,000 Accumulated DepreciationEquipment s 6,300 Accounts Payable 4,500 Salaries Payable 200 Unearned Revenue 3,600 Notes Payable (long-term) O'Connell, Capital 48,400 O'Connell, Withdrawals 1,000 Service Revenue 16,800 Salaries Expense 4,300 Rent Expense 1,300 Depreciation expense-Equipment 300 Supplies Expense 1,000 Utilities Expense 1,300 $ Total 84,000 S 84,000 4,200 Choose from any list or enter any number in the input fields and then click Check An Print Done parts remaining Clear All