FFS 4-1 CHECK FIGURES: 1. Profit $70,575; Total assets $95,850; 3. Post-closing trial balance = $121,350 Sarda Electrical Servicing began operations two years ago. Its adjusted account balances at December 31, 2020, are listed alphabetically below. The owner, Nymeth Sarda, made a $20,000 investment early in the year jux ended December 31, 2020. Required 1. Prepare an income statement, statement of changes in equity, and classified balance sheet based on the information provided. 2. Prepare the closing entries. 3. Prepare the post-closing trial balance. 310 Account Account Balance Accounts payable. Accounts receivable... Accumulated depreciation, tools $21,000 10,500 4,500 Accumulated depreciation, truck. 21,000 Cash... 5,000 Copyright. 5,100 Depreciation expense, tools. 2,250 Depreciation expense, truck. 3,600 Electrical revenue. 126,600 Electrical supplies. 19,000 Insurance expense. 1,275 Interest expense.. 900 Notes receivable" 12,000 020IHTS Nymeth Sarda, capital. 27.825 Nymeth Sarda, withdrawals. 61,500 Notes payable, due August 31, 2022. 27,000 Notes payable, due June 1, 2021. 2,550 Prepaid insurance... 1,050 Prepaid rent. Rent expense. Salaries expense 7.200 21,000 27,000 Salaries payable Tools Truck Unearned electrical revenue. 3,150 21,000 40,500 5,250 'Assume all account belences are normal "$2.000 of the note is due September 15, 2021 CHAPTER 5 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Analysis Component: Cupcakes owners Lori and Heather, featured in the chapter-opening vignette, have financed a significant portion of their growth by reinvesting profits. Is Nymeth Sarda, the owner of Sarda Electrical Servicing, following a similar practice? Explain. FFS 4-2 GolfLink is a golf course company with clubs in ten provinces. Listed here is part of the comparative balance sheet at December 31, 2021, showing the following assets and liabilities, in alphabetical order. Required (thousands of dollars) 2021 2020 Accounts payable and accrued liabilities..... 20,706 17,755 Accounts receivable. 3,743 3,238 Cash..... 1,567 1,447 Current borrowings... 25,817 24,839 Current portion of mortgage 1,411 61 Customer deposits and prepaid dues. 10,965 6,037 Income taxes receivable 1,322 176 Inventories and prepaid expenses.. 5,848 5,289 Mortgage payable....... 8,669 7,432 Property Plant & Equipment.. 18,715 14,977 Part 1 a. Calculate total current assets at December 31, 2020, and December 31, 2021. b. Calculate total current liabilities at December 31, 2020, and December 31, 2021. Part 2 c. Calculate the current ratio for December 31, 2020 and December 31, 2021 (round to two decimal places). d. Explain the meaning of GolfLink's current ratio results calculated in part (c). Also indicate whether the change in the ratio was favourable or unfavourable