MacDonald Hair Salon Adjusted Trial Balance December 31, 2020 Dr Accounts payable Accounts receivable CT 8,500 6,500 Accumulated depreciation, Building Accumulated depreciation, equipment Advertising expense Kuilding 275,000 11,000 Cash 1,300 455,000 3,400 5,000 10,000 4,000 17,000 1,200 1,400 400 10,000 17.500 Current investments Depreciation Expense - Building Depreciation Expense - Equipment quipment Insurance expense Interest expense Interest payable Land Long-term note payable Notes receivable. Due Dec 31, 2030 Hepaid Advertising Prepaid Insurance R. MacDonald, capital R. MacDonald, withdrawals Salon supplies Salon supplies expense Services Revenue Unearned Services Revenue Utilities expense Wages expense Wapes payable Total 15,000 600 800 148,600 11,000 4,200 11,800 126,000 5,200 4,100 32,000 2.100 $ 59,300 $ 594 300 1. Refer to the adjusted trial balance provided above for MacDonald Hair Salon. Prepare the December 31, 2020 classified, multi-step balance sheet in good form assuming the closing entries have been posted, and that the company will make a $7,000 payment on the long-term note payable on July 1, 2021. 2. Using the classified, multi-step balance sheet prepared in Part 1, calculate the following ratios: (a) current ratio; (b) debt to equity ratio