How EX 4-3. Financial Statements from the End-of-Period Spreadsheet Obj. 1, 2 Paoli Consulting is a consulting firm owned and operated by Mary Paoli. The following end-of-period spreadsheet was prepared for the year ended March 31, 20Y9: Based on the preceding spreadsheet, prepare an income statement, statement of stockholders' equity, and balance sheet for Paoli Consulting. During the year ended March 31, 20Y9, $15,000 of additional common stock was issued. 4. Closing Entries Obj. 3 After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Smart Delivery Services Co.: Journalize the two entries required to close the accounts. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline & A & B & C & D & E & F & G \\ \hline 1 & \multicolumn{7}{|c|}{ Paoli Consulting } \\ \hline 2 & \multicolumn{7}{|c|}{ End-of-Period Spreadsheet } \\ \hline 3 & \multicolumn{7}{|c|}{ For the Year Ended March 31, 20Y9} \\ \hline 4 & & \multicolumn{2}{|c|}{ Unadjusted } & & & \multicolumn{2}{|c|}{ Adjusted } \\ \hline 5 & & \multicolumn{2}{|c|}{ Trial Balance } & \multicolumn{2}{|c|}{ Adjustments } & \multicolumn{2}{|c|}{ Trial Balance } \\ \hline 6 & Account Title & Dr. & Cr. & Dr. & Cr. & Dr. & Cr. \\ \hline 7 & & & & & & & \\ \hline 8 & Cash & 162,500 & & & & 162,500 & \\ \hline 9 & Accounts Receivable & 304,500 & & & & 304,500 & \\ \hline 10 & Supplies & 37,200 & & & 32,200 & 5,000 & \\ \hline 11 & Land & 1,400,000 & & & & 1,400,000 & \\ \hline 12 & Building & 850,000 & & & & 850,000 & \\ \hline 13 & Accumulated Depreciation & & 59,200 & & 12,800 & & 72,000 \\ \hline 14 & Accounts Payable & & 36,500 & & & & 36,500 \\ \hline 15 & Salaries Payable & & & & 18,500 & & 18,500 \\ \hline 16 & Common Stock & & 100,000 & & & & 100,000 \\ \hline 17 & Retained Earnings & & 1,860,000 & & & & 1,860,000 \\ \hline 18 & Dividends & 30,000 & & & & 30,000 & \\ \hline 19 & Fees Earned & & 1,675,000 & & & & 1,675,000 \\ \hline 20 & Salary Expense & 931,500 & & 18,500 & & 950,000 & \\ \hline 21 & Supplies Expense & & & 32,200 & & 32,200 & \\ \hline 22 & Depreciation Expense & & & 12,800 & & 12,800 & \\ \hline 23 & Miscellaneous Expense & 15,000 & & & & 15,000 & \\ \hline 24 & & 3,730,700 & 3,730,700 & 63,500 & 63,500 & 3,762,000 & 3,762,000 \\ \hline \end{tabular} 6. Working Capital and Current Ratio Obj. 7 Current assets and current liabilities for HQ Properties Company follow: a. Determine the working capital and current ratio for 20Y2 and 20Y1. b. Does the change in the current ratio from 20Y1 to 20Y2 indicate a favorable or an unfavorable change