SCYU4-1 (similar to) Question Help Data Table The adjusted trial balance of Mystic Advertising Services, at December 31, 2018, follows EEB (Click the icon to vlew the adjusted trial balance.) Read the equirements. Mystic Advertising Services Adjusted Trial Balance Requirement 1. Propare the income statement for the year ended December 31, 2018 (If December 31, 2018 Mystic Advertising Services Balance Income Statement Account Title Debit Year Ended December 31, 2018 S 11,000 6,100 Accounts Recelvable $ 63.900 Office Supplies 100 Expenses: 40,000 20,000 50,000 1,800 23,000 11,000 Furniture 17,000 Depreciation Expense Furniture 2,500 4.500 Accumulated Dapreciation-Furnitur Advertising Expense 4 500 Accounts Payable Requirements 1 600 Salaries Payable Unearned Revenue 3500 Total Expenses Notes Payable (long-term) 12.000 23,100 1. Prepare the income statement for the year ended December 31, 2018. Common Stock 73.000 2. Prepare the statement of retained eamings for the year ended December 31, 2018. 3. Prepare the classified balance sheat at Decamber 31, 2018. Use the report form 21,000 Requirement 2. Prepare the statement of retained eamings for the year ended December 63.900 Service Revenue 4. Calculate the current ratio at December 31, 2018. 5. Journalize and post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted 6. Prepare a post-closing trial balance at December 31, 2018. Enter any increases in retained carnings prior to the subtotal and any decreases to Salarles Expense 20,000 Mystic Advertising Services Supplies Expense 1,800 Statement of Retained Earnings Print Done hoose from any list or enter any number in the input fields and then click Check PrintDone The adjusted trial balance of Mystic Advertising Services, at December 31, 2018, follows. This is the first year of operations (Click the icon to view the adjusted trial balance.) Read the requirements mysuc Huvelusiing Services Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 11,000 Accounts Receivable 6,100 100 Office Supplies Total Current Assets S 17,200 Property, Plant, and Equipment Land 40,000 Building 50,000 Less: Accumulated Depreciation-Building (23000) 27,000 Furniture $ 17,000 4,500 12,500 Less: Accumulated Depreciation-Furniture4,500 79,500 Total Property, Plant, and Equipment $ 96,700 Total Assets Liabilities Current Liabilities Accounts Payable $ 4,500 Salaries Payable 1,600 Choose from any list or enter any number in the input fields and then click Check Answer The adjusted trial balance of Mystic Advertising Services, at December 31, 2018, follows. This is the first year of operations EE (Click the icon to view the adjusted trial balance.) Read the requirements Liabilities Current Liabilities Accounts Payable $ 4,500 1,600 Salaries Payable Unearned Revenue 3,500 $9,600 Total Current Liabilities Long-term Liabilities 12,000 Notes Payable Total Liabilities 21,600 Stockholders' Equity 73,000 Common Stock 2,100 Retained Earnings 75,100 Total Stockholders' Equity $ 96,700 Total Liabilities and Stockholders' Equity Requirement 4. Calculate the current ratio at December 31, 2018. (Round your answer to two decimal places, X.XX.) Total current assetsITotal current liabilitiesCrrent ratio 17,200 1.79 9,600 Requirement 5. Journalize and post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted Begin by preparing the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 5. Journalize and post the closing entries. Indicate the balance of the Retained Earnings account after the closing entries are posted Begin by preparing the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check
