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Need help big time The adunted trial belance of Bernett irvoation Syatem at Decerber 31, 2024, followa: Clak the icon so view the adjueted trial
Need help big time
The adunted trial belance of Bernett irvoation Syatem at Decerber 31, 2024, followa: Clak the icon so view the adjueted trial beianoe) Read tos teadonerts Bennett Irrigation System Statement of Rotained Eamings Yoar Ended Docember 31, 2024 Retained Eamings January 1, 2024 Retainod Earnings, Docerber 31, 2024 Requirement 2. Prepare the companys classiffed balance theet in report form at December 31, 2024. (If a box is not used In the balance sheet, leave the box smpty; do not select Bennets trriation System Batance Sheet December 31,2024 Assats Requirement 4. Joumaize the cooting enties for Bennett irrigation System. (Record debiks first then eredta. Select the explanasion on the last line of the joumal entry table.) Stat by ciosing reverues Cloes incomt Summayy Data table \begin{tabular}{lrr} \hline Building & 6,100 & \\ \hline Accumulated Depreciation-Bullding & 56,900 & 25,300 \\ \hline Equipment & 22,000 & \\ \hline Accumulated Depreciation-Equipment & 7,400 \\ \hline Accounts Payable & 41,200 \\ \hline Interest Payable & 1,200 \\ \hline Salaries Payable & 3,700 \\ \hline Unearned Revenue & 1,900 \\ \hline Notes Payable (long-term) & 18,600 \\ \hline Common Stock & & 22,000 \\ \hline Retained Earnings & 3,500 & \\ \hline Dividends & & \\ \hline Service Revenue & 50,000 \\ \hline Insurance Expense & & \\ \hline Salaries Expense & & \\ \hline Supplios Expense & 15,700 & \\ \hline Interest Expense & 800 & \\ \hline Depreciation Expense-Equipment & 1,200 & \\ \hline Depreciation Expense-Building & 2,900 & \\ \hline Total & 1,100 & \\ \hline \end{tabular} Requirements 1. Prepare the company's income statement for the year ended December 31, 2024. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2024. 3. Prepare the company's classified balance sheet in report form at December 31,2024. 4. Journalize the closing entries for Bennett irrigation System. 5. Compute the company's current ratio at December 31, 2024. At December 31, 2023, the current ratio was 1.9. Did the company's ability to pay debts improve or deterlorate, or did it remain the same? The adunted trial belance of Bernett irvoation Syatem at Decerber 31, 2024, followa: Clak the icon so view the adjueted trial beianoe) Read tos teadonerts Bennett Irrigation System Statement of Rotained Eamings Yoar Ended Docember 31, 2024 Retained Eamings January 1, 2024 Retainod Earnings, Docerber 31, 2024 Requirement 2. Prepare the companys classiffed balance theet in report form at December 31, 2024. (If a box is not used In the balance sheet, leave the box smpty; do not select Bennets trriation System Batance Sheet December 31,2024 Assats Requirement 4. Joumaize the cooting enties for Bennett irrigation System. (Record debiks first then eredta. Select the explanasion on the last line of the joumal entry table.) Stat by ciosing reverues Cloes incomt Summayy Data table \begin{tabular}{lrr} \hline Building & 6,100 & \\ \hline Accumulated Depreciation-Bullding & 56,900 & 25,300 \\ \hline Equipment & 22,000 & \\ \hline Accumulated Depreciation-Equipment & 7,400 \\ \hline Accounts Payable & 41,200 \\ \hline Interest Payable & 1,200 \\ \hline Salaries Payable & 3,700 \\ \hline Unearned Revenue & 1,900 \\ \hline Notes Payable (long-term) & 18,600 \\ \hline Common Stock & & 22,000 \\ \hline Retained Earnings & 3,500 & \\ \hline Dividends & & \\ \hline Service Revenue & 50,000 \\ \hline Insurance Expense & & \\ \hline Salaries Expense & & \\ \hline Supplios Expense & 15,700 & \\ \hline Interest Expense & 800 & \\ \hline Depreciation Expense-Equipment & 1,200 & \\ \hline Depreciation Expense-Building & 2,900 & \\ \hline Total & 1,100 & \\ \hline \end{tabular} Requirements 1. Prepare the company's income statement for the year ended December 31, 2024. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2024. 3. Prepare the company's classified balance sheet in report form at December 31,2024. 4. Journalize the closing entries for Bennett irrigation System. 5. Compute the company's current ratio at December 31, 2024. At December 31, 2023, the current ratio was 1.9. Did the company's ability to pay debts improve or deterlorate, or did it remain the same Step by Step Solution
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