on January 1 were 53,000 . Required: 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet. 4. Compute the following measures of performance and financial condition for 20-3: (a) Current ratio (b) Quick ratio (c) Working capital (d) Return on owner's equity (e) Accounts receivable turnover and average number of days required to collect receivables (f) Inventory turnover and the average number of days required to sell inventory 5. Prepare adjusting entries. 6. Open an Income Summary account. Post adjusting and closing entries (prepared in 7) to this account. 7. Prepare closing entries. 8. Prepare reversing entries for the adjustments where appropriate. GENFRAL .JOURNAI 7. Prepare closing entries. 8. Prepare reversing entries for the adjustments where appropriate. 6. Post adjusting and closing entries to Income Summary. 2. Prepare a statement of owner's equity. Statement of Owner's Equity Instructions 4. Compute the following measures of performance and financial condition for 20-3: Additional Instructions (a) Current ratio to 1 (b) Quick ratio to 1 (c) Working capital (d) Return on owner's equity (e) Accounts receivable turnover Average number of days to collect receivables days (f) Inventory turnover Average number of days to sell inventory days