Please assist in solving this problem

1. Prepare the income statement and the statement of owner's equilty classified balance sheet at December 31, 2017 64,700 8 890 2. Prepare the necessary closing entries at December 31, 2017 3. Use ssets (total a the information in sets at December 31, 2016, were $160,000), (b) debt ratio, (c) profit margin ratio (use total revenus as the denominator), and (d) current ratio. Round ratios to three decimals for parts a and c, and to two the financial statements to calculate these ratios: (a) return on a decimals for parts b and d December 31, 2017, follows. Santo Company's adjusted trial balance on SANTO COMPANY Adjusted Trial Balance December 31, 2017 Debit Credit Account Title s 14,450 5,140 1.200 101 Cash 125 Store supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreclation-Equipment. 201 Accounts payable 210 Wages payable. 301 P Santo, Capital 302 P.Santo, Withdrawals. 401 Repair fees earned. $ 8,000 1,500 2,700 35,650 54,700 2.000 26.400 623 Wages expense 637 Insurance expense 640 651 Rent expense Store supplies expense $102,550 $102,550 Required epital 1. Prepare an income statement and a statement of owner's equity for the year 2017, and a classified bal ance sheet at December 31, 2017. There are no owner investments in 2017. slance 2. Enter the adjusted trial balance in the first two columns of a six-column table. Use the middle two columns for closing entry information and the last two columns for a post-closing trial balance. Insert an Income Summary account (No. 901) as the last item in the trial balance. 3. Enter closing entry information in the six-column table and prepare journal entries for it. Analysis Component 4. Assume for this part only that a. None of the $600 insurance expense had expired during the year. Instead, assume it is a prepaoyment of the next period's insurance protection b. There are no earned and unpaid wages at the end of the year. (Hint: Reverse the $2.700 wages pay able accrual.) Describe the financial statement changes that would result from these two assumptions