MAKE SURE TO ANSWER ALL REQUIREMENTS
I have completed the first part but still need help with requirements 3-5 as listed below.
P4-30A (similar to) Question Help The adjusted trial balance of Bradford Irrigation System at December 31, 2018, follows: E(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 used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Bradford Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue 74,200 Expenses: Insurance Expense 1,500 Salaries Expense 16,700 Supplies Expense 1,500 Interest Expense 2,000 2,100 Depreciation Expense-Equipment Depreciation Expense-Building 1,300 25,100 Total Expenses S 49,100 Net Income (Loss) Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. Bradford Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 25,000 Retained Earnings, January 1, 2018 Net income for the year 49,100 74,100 (2,700) Dividends 71,400 Retained Earnings, December 31, 2018 Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2018. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Bradford Irigation System Balance Sheet Requirements December 31, 2018 Assets 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. 3. Prepare the company's classified balance sheet in report form at December 31, 2018 5 e the closing entries for Bradford Irngatilon S 18 At December 31, 2017, the current ratio was 2.1. Did the company's ability to pay debts improve or deteriorate r did it remain the same? Print Done Less: Less: X Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. 3. Prepare the company's classified balance sheet in report form at December 31, 2018 4. Jounalize the closing entries for Bradford Irrigation System. 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 2.1. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Print Done Bradford Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit 13,500 Cash Accounts Receivable 47,000 Office Supplies 39,000 Prepaid Insurance 6,100 Building 57,200 Accumulated Depreciation-Building 24,200 Equipment 30,000 Accumulated Depreciation-Equipment 6,600 Accounts Payable 41,300 Interest Payable 2,000 Salaries Payable 3,600 Unearned Revenue 1,100 Notes Payable (long-term) 21,600 Common Stock 21,000 Retained Earnings 25,000 Dividends 2,700 Service Revenue 74,200 Insurance Expense 1,500 16,700 Salaries Expense Supplies Expense 1,500 Interest Expense 2,000 Depreciation Expense-Equipment 2,100 1,300 Depreciation Expense-Building 220,600 S 220,600 Total
