Part IV. Preparing Financial Statements Spartan Testing Corporation Trial Balance May 31, 2020 Dr Cr $ 155,560 125,000 12,549 1,000 345,678 101 120 125 140 170 171 190 210 215 217 260 270 $ 12,000 250,000 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation - Equipment Trademarks Wages Payable Accounts Payable Utilities Payable Deferred Revenue Long Term Debt (see note 2) Common Stock Retained Earnings Dividends Testing Fee Revenue Wages Expense Rent Expense Repairs & Maintenance Expense Supplies Expense Office Expense Miscellaneous Expense 15,989 3,456 3,408 100,000 345,000 140,000 250,568 310 10,455 320,926 320 325 405 510 520 540 546 545 550 175,676 24,345 34,565 7,453 34,566 14,500 $ 1,191,347 1,191,347 Notes: 1. The fiscal year end is May 31, 2020. 2. $14,560 of the Long-Term Debt is a current liability. Assignment Prepare in proper form: 1. The Balance Sheet 2. The Statement of Retained Earnings 3. The Income Statement 4. Calculate and present the Current Ratio 5. Calculate and present Working Capital