Problem 4-7A The accounts of Bolton Travel at December 31, 2017, are listed below in alphabetical order: Prepare a classified baland sheet in report format and calculate ratios Accounts Payable. Accounts Receivable. $15,300 Interest Payable... 19,800 Interest Receivable. $4,300 1,600 Land Accumulated 62,500 Total assets, $388,300 Amortization-Building.. 113,400 Notes Payable, Accumulated Amortization- Long-term.. Notes Receivable, 91400 Furnitur.. 34,800 Advertising Expense. Amortization Expense. Building... 6,600 Long-term.. 12,500 3,900 Other Assets 9,300 Other Current Liabilities 313,200 14,100 Prepaid Insurance.. Cash.. 25,000 3,300 12,700 Commission Revenue 280,500 Prepaid Rent... 209,400 Salary Expense. 143,800 Salary Payable. 68,100 Supplies... 2,400 Supplies Expense. E. Bolton, Capital. E. Bolton, Withdrawals. 73,800 6,700 Furniture.. 8,500 Insurance Expense.. 17,100 Unearned Commission Revenue 14,200 Required 1. Prepare the company's classified balance sheet in report format at December 31, 2017. All adjustments have been journalized and posted, but the closing entries have not yet been made. 2. Compute Bolton Travel's current ratio and debt ratio at December 31, 2017. At December 31, 2016, the current ratio was 1.52 and the debt ratio was 0.37. Did Bolton Travel's ability to pay both current and total debts improve or deteriorate during 2017? Preparing a worksheet, joL izing the adjustments, clos the accounts, assessing pow Problem 4-8A Len Thomas, the accountant for Lancaster Consulting, prepared the worksheet shown on the next page on a computer spreadsheet but has lost much of the data. The only particular tem Thomas can recall is that there was an adjustment made to correct an error where $600 of supplies, purchased on credit, had been incorrectly recorded as $600 of equipment. impact of IFRS 0 S6 3. Total assets, $205,600 Chapter 4 Completing the Accounting Cycle