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Please answer in excel format! Thank you! > Summary Problem The adjusted trial balance of Martinez Advertising Services, at December 31, 2016, follows. Building Land
Please answer in excel format! Thank you!
> Summary Problem The adjusted trial balance of Martinez Advertising Services, at December 31, 2016, follows. Building Land MARTINEZ ADVERTISING SERVICES Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash $6,000 Accounts Receivable 6,300 Office Supplies 200 Furniture 8,000 Accumulated Depreciation Furniture $ 6,000 42,000 Accumulated Depreciation-Building 24,000 10,000 Accounts Payable 2,000 Salaries Payable 500 Unearned Revenue 5,000 Notes Payable (long-term) 7,000 Common Stock 12,000 Dividends 25,000 Service Revenue 64,300 Salaries Expense 16,500 Supplies Expense 800 Depreciation Expense - Furniture 2,000 Depreciation Expense-Building 1,000 Advertising Expense 3,000 Total $ 120,800 120,800 Requirements 1. Prepare the income statement for the year ended December 31, 2016. 2. Prepare the statement of retained earnings for the year ended December 31, 2016. 3. Prepare the classified balance sheet at December 31, 2016. Use the report form. 4. Calculate the current ratio at December 31, 2016. 5. Journalize and post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted. 6. Prepare a post-closing trial balance at December 31, 2016Step by Step Solution
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