Homework: Chapter 4 Homework Score: 0 of 12 pts P4-30A (similar to) The adjusted trial balance of Blume Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not us Blume Irrigation System Income Statement Year Ended December 31, 2018 Net Income (Loss) Choose from any list or enter any number in the input fields and then click Check Answer parts remaining Data Table 20 Blume Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 13,000 Accounts Receivable 44,500 Office Supplies 17,200 Prepaid Insurance 5,800 Building 55,200 Accumulated Depreciation Building 24,400 Equipment 29,000 Accumulated Depreciation-Equipment 7,900 Accounts Payable 29,000 Interest Payable 600 Salaries Payable 4.100 Unearned Revenue 1,300 Notes Payable (long-term) 37,200 Blume, Capital 30,000 Blume, Withdrawals 2,900 Service Revenue 55,300 Insurance Expense 1,000 Salaries Expense 15.900 Supplies Expense 1,300 swer Print Done Clear All Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the company's statement of owner's equity for the year ended December 31, 2018. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at December 31, 2018. 4. Journalize the closing entries for Blume Irrigation System. 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 1.9. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Print Done Data Table - X. Account Title Debit Credit 31, 20 Cash $ ero. U Accounts Receivable 12,000 47,600 15,100 5,800 57,000 $ 24,600 25,000 7,500 29,100 600 4,100 1,200 Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation ---Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Bradey, Capital Bradey. Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building Total 16,300 30,000 3,100 75,300 1,200 17,100 1,000 600 2.200 1,000 188,700 $ 188,700 Check Answer Print Done Clear Aur