Requirements 1. Prepare the classified balance sheet of Chris ODonovan Dance Studio Company at August 31, 2016. Use the report form. You must compute the ending balance of Retained Eaming 2. Compute O'Donovan's cument ratio at August 31, 2016. One year ago, the current ratio was 1.22. Indicate whether ODonovan's ability to pay cument debts has improved, deteriorated, or remained the same. Requirement 1. Prepare the classified balance sheet of Chris ODonovan Dance Studio Company at August 31, 2016. 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. Chris O'Donovan Dance Studio Company Balance Sheet August 31, 2016 Assets Less