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Problem 49A Preparing financial statements 105 CHECK FIGURES: Loss =$62,020; Total assets =$226,720 The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2023. The new bookkeeper alphabetized the accounts. Required Prepare an income statement and a statement of changes in equity for the year ended September 30, 2023, plus a September 30 , 2023, classified balance sheet. The owner made no investments during the year. Analysis Component: Alisha Bjorn wants to buy a new car for the business. As her bank manager, what do you advise? Probirn 4.10. Preparing a classifled balance sheet 19 LO5, B 6 CHECK FIGURES: 1 . Capital =$520,775;2. Total assets =$895,400 An alphabetical list of the adguted trial balance accounts for North Country Rentals after its fint year of operations endine Mareh 31. 2023, is shown below; Required 1. Calculate the capital balance as it would appear on the March 31, 2023, balance sheet. 2. Prepare a classified balance sheet. Assume that $215,000 of the Long. Term Nose Payablo will be paid during the year ended March 31, 2024. Also, $55,000 of the notes receivable will be collected by Match 31.2024. 3. Calculate the current ratio and the debt fo equity ratio (roand to two decimal phicet). Analysis Component: North Country shows an adjusted balance in the Lone-Rerm Nulr Papable accouat or $362.000 at March 31,2023 . Review the balance aheet jurf prepared and make a reatonable assuanption about what the $362.000 was most logically uled for by North Country. Explain whether or not this is generally considered a good use of borrowed funds and why