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Need help answering the requirements 1-5. A Read an P4-30A Preparing financial statements including a classified balance sheet in report form, preparing closing entries, and

Need help answering the requirements 1-5. image text in transcribed
A Read an P4-30A Preparing financial statements including a classified balance sheet in report form, preparing closing entries, and using the current ratio to evaluate a company The adjusted trial balance of Boston Irrigation System at December 31, 2018, follow Page view Fit to width + BOSTON IRRIGATION SYSTEM Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash Credit 5 11,800 Accounts Receivable 46,000 Office Supplies 29,500 Prepaid Insurance 6,300 Building 63,000 Accumulated Depreciation Building $ 25,000 Equipment 28.000 Accumulated Depreciation-Equipment 7,700 Accounts Payable 32.100 Interest Payable 2,200 Salaries Payable 2,600 Unearned Revenue 2,100 Notes Payable (long-term) 32,700 Boston, Capital 33,000 Boston, Withdrawals 2.200 Service Revenue 74.500 Insurance Expense 1.100 Salaries Expense 16,400 Supplies Expense 1.100 Interest Expense 2,200 2.500 Depreciation Expense-Equipment Depreciation Expense-Building $ 211,900 $ 211,900 Total - 1800 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 desified balance sheet in report format December 31, 2018 4. Journalire the closing entries for Boston Irrigation System. 5. Compute the company's current ratio at December 31, 2018 At December 31, 2017, the current ratio was 23. Did the company's ability to pay current debts improve or deteriorate, or did it remain the same

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