Requirement 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. Begin by preparing the asset section of the balance sheet, then prepare the liabilities section and finally the stockholders' equity section. Data Table Requirements Sally O'Sullivan Dance Studio Company Balance Sheet August 31, 2018 Assets 1. Prepare the classified balance sheet of Sally O'Sullivan Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings. 2. Compute O'Sullivan's current ratio at August 31, 2018. One year ago, the current ratio was 1.88. Indicate whether O'Sullivan's ability to pay current debts has improved, deteriorated, or remained the same. Print Done Sally O'Sullivan Dance Studio Company Trial Balance August 31, 2018 Balance Account Title Debit Credit Cash $ 15,800 Office Supplies 3,000 Prepaid Rent 1,300 Equipment 46,000 Accumulated Depreciation Equipment $ 6,500 Accounts Payable Salaries Payable 600 Unearned Revenue 3,500 Less: Choose from any list or enter any number in the input fields and then click Check Ansy 5,000 4 parts * remaining Check Answer 3,500 4,000 20,000 18,000 800 Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Utilities Expense 16,800 4,600 1,600 200 600 500 74,400 $ 74,400 Total