P4-29A (similar to) The adjusted trial balance of Bradley Irrigation System at December 31, 2016, follows: (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, 2016. (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.) Data Table - X Bradley Irrigation System Income Statement Year Ended December 31, 2016 Requirements 1. Prepare the company's income statement for the year ended December 31, 2016. 2. Prepare the company's statement of owner's equity for the year ended December 31, 2016. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at December 31, 2016. 4. Journalize the closing entries for Bradley Irrigation System. 5. Compute the company's current ratio at December 31, 2016. At December 31, 2015, the current ratio was 2.5. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Print Done Net Income (Loss) Bradley Irrigation System Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $ 15,000 Accounts Receivable 48,500 Office Supplies 3,200 Prepaid Insurance 4,600 Equipment 28,000 Accumulated Depreciation Equipment $ 7,800 Building 55,600 Accumulated Depreciation-Building 25,200 Accounts Payable 25,500 Interest Payable 800 Salaries Payable 2,800 Unearned Revenue Notes Payable (long-term) 14,300 Bradley, Capital 28.000 Bradley, Withdrawals 3,200 Service Revenue 74,500 Insurance Expense 1,100 Salaries Expense 15,600 Supplies Expense 1,400 Interest Expense 800 Depreciation Expense-Equipment 2,600 Depreciation ExpenseBuilding 1,200 $ 180,800 $ 180,800 Total 1,900 Choose from any list or enter any number in the input fields and then click Check Answer. 9 parts remaining Clear All Print Done