P4-35B (similar to) The adjusted trial balance of Brinney Irrigation System at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Data Table - X Requirement 1. Prepare the company's income statement for the year ended December 31, 2016. Brinney Irrigation System Income Statement Year Ended December 31, 2016 Brinney Irrigation System Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $ 12.900 Accounts Receivable 44,500 Office Supplies 10.700 Prepaid Insurance 6.300 Equipment 28.000 Accumulated Depreciation Equipment $ 7.100 Building 57,300 Accumulated DepreciationBuilding 23,800 Accounts Payable 25,400 Interest Payable 1,000 Salaries Payable 2,900 Unearned Revenue Notes Payable (long-term) 39,300 Brinney, Capital 25,000 Brinney, Withdrawals 3,000 Service Revenue 59,500 Insurance Expense 1.400 Salaries Expense 15,500 Supplies Expense 700 Interest Expense Depreciation Expense-Equipment 2,900 Depreciation Expense-Building 1,500 Total $ 185,700 $ 185,700 Net Income (Loss) Requirements 1,700 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 Brinney Irrigation System. 5. Compute the company's current ratio at December 31, 2016. At December 31, 2015, the current ratio was 2.3. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? 1,000 Print Done Print Done 9 parts remaining Clear All