question 28

The adjusted trial balance of Moppet Advertising Services, at December 31, 2024, follows. This is the first year of operations. Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the income statement for the year ended December 31, 2024. (if a box is not used in the statement, lea Moppet Advertising Services Income Statement Year Ended December 31, 2024 Net Income Data table Moppet Advertising Services Adjusted Trial Balance December 31, 2024 Balance Debit Credit Account Title $ 13,000 Cash 8,500 Accounts Receivable Office Supplies 500 20,000 Land 54,000 $ 27,000 11,000 4,000 6,000 Building Accumulated Depreciation-Building Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Moppet, Capital 900 4,000 8,000 29,200 54,000 Building Accumulated Depreciation-Building $ 27,000 11,000 Furniture 4,000 Accumulated Depreciation - Furniture Accounts Payable 6,000 900 Salaries Payable Unearned Revenue 4,000 8,000 29,200 Notes Payable (long-term) Moppet, Capital Moppet, Withdrawals 18,000 71,000 Service Revenue 14,500 Salaries Expense 1,100 7,000 Supplies Expense Depreciation Expense-Building Depreciation Expense-Furniture Advertising Expense 1,000 1,500 $ 150,100 $ 150,100 Total - - Requirements 1. Prepare the income statement for the year ended December 31, 2024. 2. Prepare the statement of owner's equity for the year ended December 31, 2024. Assume the owner had no additional contributions during the year. 3. Prepare the classified balance sheet at December 31, 2024. Use the report form. 4. Calculate the current ratio at December 31, 2024. 5. Journalize and post the closing entries. Indicate the balance of the Moppet, Capital account after the closing entries are posted. 6. Prepare a post-closing trial balance at December 31, 2024