The adjusted trial balance of

BrinneyBrinney

Irrigation System at

December 31 comma 2018December 31, 2018,

follows:

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(Click the icon to view the adjusted trial balance.)Read the requirements

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.

Requirement 1. Prepare the company's income statement for the year ended

December 31 comma 2018December 31, 2018.

(If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.)

Requirements -Prepare the company's classified balance sheet in report form at December 31 comma 2018 December 31, 2018.

-Journalize the closing entries for Brinney Irrigation System.

-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?

Brinney Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 15,000 Accounts Receivable 46,200 Office Supplies 3,400 Prepaid Insurance 4,700 Building 56,900 Accumulated Depreciation-Building 24,700 Equipment 29,000 Accumulated Depreciation-Equipment 6,600 Accounts Payable 28,000 Interest Payable 400 Salaries Payable 2,700 Uneaned Revenue 1,900 Notes Payable (long-term) 21,200 Common Stock 11,000 Retained Earnings 14,000 Dividends 2,300 Service Revenue 70,000 Insurance Expense 1,200 Salaries Expense 16,500 Supplies Expense 800 Interest Expense 400 Depreciation Expense-Equipment 2,700 1,400 Depreciation Expense-Building S 180,500 $ 180,500 Total The adjusted trial balance of Brinney Irrigation System at December , 2018, follaws: (Click the icon to view the adiusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Brinney Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue 70,000 Expenses: Insurance Expense 1 200 Salaries Expense 16.500 Supplies Expense 800 400 Interest Expense Depreciation Expense-Equipment Depreciation Expense-Building 2,700 1,400 23,000 Tolal Expenses 47.000 Net Income (Loss) Requirement 2. Prepare the company's statement of retained earmings for the year ended December 31, 2018. Enter any increases in retained earninga prior to the subtotal and any decreases to retained earnings below the subtotal. Brinney Iigation System Statemant of Ratainad Eamings Year Fnded Dacamhar .2018 14 000 Ratainad Farnings January 1 2018 47.000 Net income for the vear 61,000 (2,300) Dividends $ 58,700 Retained Earrings, December 31, 2018 Requirement 3. Prapare the company's classificd balance sheet in raport form at Docember 31, 2018. (If a box is not used in the balance shoot, leave the box empty: do nat saloct a label oar enter a zoro) Brinney Irrigation System Balance Sheet December , 2018 Assets Current Assets 15.000 Apcounts Receivable 46.200 Prepaid Insurance 4,700 Ocn Sunnins 400 Totel Curect Assets 6300 Procerty Pant and Fauicment Choose fram any list or enter auy number in the inqut felds and then clck Check Answer 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 Brinney 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? Print Done