The adjusted trial balance of Bechard Irrigation System at December 31, 2018, follows: Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the company's income statement for the year ended December 31, 2 select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Bechard Irrigation System Income Statement Year Ended December 31, 2018 than Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal Bechard Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 Retained Earninos December 31, 2018 Requirement 3. Prepare the company's classified balance sheet in report form at December 31, 2018. (If a box is not do not select a label or enter a zero.) Bechard Irrigation System Balance Sheet December 31, 2018 Assets Requirement 4. Journalize the closing entries for Bechard Irrigation System. (Record debits first, then credits. Se table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close Dividends. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) Requirement 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ra improve or deteriorate, or did it remain the same? Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places, Choose from any list or enter any number in the innut fioldo an Requirement 5. Compute the company's current ratio at December 31, 2018, At December 31, 2017, the current ratio was 2.3. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Se oct the Inbels then enter the amounts and compute the current ratio. (Round your answer to two decimal places) Current ratio Since the current ratio was 23 one year ago, Bechard's ability to pay its current liabilities has to the next Data Table Bechard Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 12,800 Accounts Receivable 47,800 6,000 Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building 6,000 56,900 $ 25,400 Carmant 22.00 i Data Table $ 25,400 22,000 Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Salaries Payable 7,200 26,900 1,200 3,800 Unearned Revenue 1,100 Notes Payable (long-term) 15,200 Common Stock 18,000 Retained Earnings 19,000 Dividends 3,200 Service Revenue 60 000 Data Table 18,000 Common Stock 19,000 Retained Earnings 3,200 Dividends 60,000 Service Revenue 700 16,800 800 Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building 1,200 2,200 1,400 $ 177,800 $ 177,800 Total X Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. 3. Prepare the company's classified balance sheet in report form at December 31, 2018. 4. Journalize the closing entries for Bechard Irrigation System. 5. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 2.3. Did the company's ability to pay debts improve or deteriorate, or did it remain the same
