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i Data Table - X The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow. (Click the icon to view the unadjusted trial balance.) (Click the icon to v Read the requirements Credit Credit Account Title Cash Debit 15,790 $ Debit 15970 12500 2000 * More Info Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable 12,500 2,210 2,900 26,000 1200 26000 8,000 6,100 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment 8380 6100 180 1800 26000 Adjustment data: a. Uneared Revenue still unearned at December 31. $1,800. b. Prepaid Rent still in force at December 31, $2,000. c. Office Supplies used. $1,700. d. Depreciation, $380. e. Accrued Salaries Expense at December 31, $180 5,000 26,000 1,800 2500 Uneamed Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense 2,500 1800 21200 18,000 3,000 Print Done Depreciation Expense-Equipment 380 Supplies Expense Supplies Expense $ 64,900 $ 64,900 67440 Total Total 63660 Print Done 700se from any list or enter any number in the input fields and then continue to the next question. The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: Click the icon to view the unadjusted trial balance.) i (Click the icon to view the adjusting data.) Read the requirements. a. Uneamed Revenue still uneamed at December 31, $1,800. Date Accounts and Explanation Debit Credit Dec. 31 Unearned Revenue 3200 Adi. (a) Service Revenue 3200 To adjust revenue samed. b. Prepaid Rent still in force at December 31, $2.000. Date Accounts and Explanation Debit Credit Rent Expense Dec. 31 Adj. (b) Prepaid Rent To adjust rent expense. c. Office Supplies used, $1,700. Date Debit Credit Accounts and Explanation Supplies Expense Office Supplies Dec. 31 Adj. (c) 1700 c. Office Supplies used, $1,700. Date Debit Credit Accounts and Explanation Supplies Expense 1700 Dec. 31 Adj. (c) Office Supplies 1700 To record office supplies used. d. Depreciation, $380. Date Accounts and Explanation Debit Credit 380 Dec. 31 Adj. (d) Depreciation Expense-Equipment Accumulated Expense-Equipment 380 To record depreciation on equipment. e. Accrued Salaries Expense at December 31, $180. Date Accounts and Explanation Debit Credit Dec. 31 Salaries Expense 180 AJ! 1 Il calories Dovohla 1 an Unearned Revenue Rent Expense Prepaid Rent 2,210|| 210Adj. (e) Bal. Adj. (a) || 3200 5,000 Bal. 0 Bal. Adj. (b) || Bal. N 210 210 Bal. 2000CC N 1800 Bal. Common Stock Depreciation Expense-Equipment Office Supplies 1700 Adj. (c) | Bal. 2.900 26,000 Bal. Bal. Adj. (d) | Bal. L 380 380 Bal. L 1200|| | 26000|Bal. Equipment Dividends Supplies Expense Bal. 26,000 Bal. 2.500 Bal. Adj. (c) | Bal. L 1700 1700|| Bal. 26000 | Bal. 2500 Retained Earnings 1,800 Bal. Accumulated Depr.Equip. 8,000 Bal. 380 Adj. (d) 8380| Bal. 1800||Bal. Income Balance Adjusted Trial Balance Statement Sheet Account Title Debit Credit Dabit Credit Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depr.-Equip. Accounts Payable Salaries Payable Uneamed Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense . Expense Equipment The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow (Click the icon to view the unadjusted trial balance.) i (Click the icon to view the adjusting data.) Read the requirements. Net income or loss Requirement 4. Prepare the income statement, the statement of retained earings, and the classified balance sheet in report form. Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not enter a label or a zero. Check your spelling carefully and do not abbreviate. When applicable, use the account names provided in the unadjusted trial balance.) Watson Anvils Income Statement Month Ended December 31, 2018 The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow (Click the icon to view the unadjusted trial balance.) i (Click the icon to view the adjusting data.) Read the requirements. Net income or loss Requirement 4. Prepare the income statement, the statement of retained earings, and the classified balance sheet in report form. Begin by preparing the income statement. (If a box is not used in the statement, leave the box empty; do not enter a label or a zero. Check your spelling carefully and do not abbreviate. When applicable, use the account names provided in the unadjusted trial balance.) Watson Anvils Income Statement Month Ended December 31, 2018 Prepare the statement of retained earnings. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate.) Watson Anvils Statement of Retained Earnings Month Ended December 31, 2018 Retained Earnings, January 1, 2018 Retained Earnings, December 31, 2018 Prepare the classified balance sheet in report form as of December 31, 2018. Begin with the Assets section, then complete the Liabilities and Stockholders' Equity sections. (If a box is not used in the balance sheet, leave the box empty; do not enter a label or a zero. Check your spelling carefully and do not abbreviate. When applicable, use the account names provided in the unadjusted trial balance.) Watson Anvils Balance Sheet December 31, 2018 Assets Assets Liabilities The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusting data.) Read the requirements. Liabilities Stockholders' Equity Requirement 5. Prepare the closing entries and post to the accounts. Begin by preparing the closing entries. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table. Check your spelling carefully and do not abbreviate. When applicable, use the account names provided in the unadjusted trial balance and the Income Summary account.) Start by closing revenue. Date Accounts and Explanation Debit Credit The unadjusted trial balance of Watson Arvils at December 31, 2018, and the data for the adjustments follow: (Click the icon to view the adjusting data.) (Click the icon to view the unadjusted trial balance.) Read the requirements. Post the closing entries to the T-accounts. First, enter 'Bal." and the adjusted balance of each account from the adjusted trial balance prepared in requirement 2. Then, use "Clos.' and the corresponding number as shown in the journal entry as posting references-Clos (1)". "Clos. 2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account Accounts Payable Service Revenue Accounts Receivable Salaries Payable Salaries Expense Prepaid Rent Unearned Revenue Rent Expense Office Supplles Common Stock Depreciation Expense Equipment 13 Office Supplies Common Stock Depreciation Expense-Equipment Equipment Dividends Supplies Expense Accumulated Depr.-Equip. Income Summary Retained Earnings Requirement 6. Prepare a post-closing trial balance. Office Supplies Common Stock Depreciation Expense-Equipment Equipment Dividends Supplies Expense Accumulated Depr.-Equip. Income Summary Retained Earnings Requirement 6. Prepare a post-closing trial balance. The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusting data.) Read the requirements Requirement 6. Prepare a post-closing trial balance. Watson Anvils Post-Closing Trial Balance December 31, 2018 Balance Debit Credit Account Title Total Requirement 7. Calculate the current ratio for the company. Requirement 7. Calculate the current ratio for the company. Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) Current ratio