The adjusted trial balance of Malden Advertising Services, at December 31, 2024, follows. This is the first year of operations. Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the income statement for the year ended December 31, 2024. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Malden Advertising Services Income Statement Year Ended December 31, 2024 Net Income Requirement 2. Prepare the statement of retained earnings for the year ended December 31, 2024 Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Enter a "O" for any zero balances.) Malden Advertisina Services Choose from any list or enter any number in the input fields and then continue to the next question Save for Later MacBook Pro esc 000 * 80 F3 .. FS DII FA F4 F7 79 @ # A % 5 2 & 7 1 ( 9 ) O 3 4 6 8 Net Income Requirement 2. Prepare the statement of retained earnings for the year ended December 31, 2024. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Enter a "0" for any zero balances.) Malden Advertising Services Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Retained Earnings, December 31, 2024 Requirement 3. Prepare the classified balance sheet at December 31, 2024. Use the report form. (If a box is not used in the statement, leave the box empty, don Rue Carrungs, December 31, 2024 Requirement 3. Prepare the classified balance sheet at December 31, 2024. Use the report form (if a box is not used in the statement, leave the box empty, de Malden Advertising Services Balance Sheet December 31, 2024 Assets Less III Less: Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Read the requirements. LOOS . Less: Liabilities LI Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Requirement 4. Calculate the current ratio at December 31, 2024. (Round your answer to two decimal places, X.XX.) Current ratio 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 Accounts and Explanation Debit Date Credit Dec. 31 Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Chrnce from a letranten in the infine and then und The adjusted trial balance of Malden Advertising Services, at December 31, 2024, follows. This is the first ye Click the icon to view the adjusted trial balance.) Read the requirements Close expenses for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Close Dividends. Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Close Dividends. Date Accounts and Explanation Debit Credit Dec. 31 The adjusted balance ("Adj. Bal.") of each account has been entered for you. Post the closing entries to the T-accounts and calculate references to denote post-closing balances. Include a post-closing balance for each T-account (including those that were not closed) Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close the Incon show the post-closing balance ("Bal.") on the last (third) line of the account. (Abbreviation used: Accum. - Accumulated.) Review the closing journal entries you prepared above. Cash Accounts Payable Service Revenue Adj. Bal. 13,000 500 Adj. Bal 61,700 Adj. Bal. Accounts Receivable Salaries Payable 1,400 Adj. Bal. Salaries Expense 19,000 Adj. Bal. 12,600 Adj. Bal The adjusted trial balance of Malden Advertising Services, at December 31, 2024, follows. This is the first year of operations. Click the icon to view the adjusted trial balance.) Read the requirements. Accounts Receivable Salaries Payable Salaries Expense 12,600 1,400 Adj. Bal. Adj. Bal. 19,000 Adj. Bal. Office Supplies Unearned Revenue Supplies Expense 900 Adj. Bal. 900 8,000 Adj. Bal. Adj. Bal. Land Notes Payable 16,000 Adj. Bal. Depreciation Expense-Furniture Adj. Bal. 4,000 Adj. Bal. 40,000 Building 45,000 Adj. Bal. Common Stock 67,800 Adj. Bal. Depreciation Expense-Building Adj. Bal. 5,000 Accum. Depreciation-Building 25,000 Adj. Bal. Retained Earnings O Adj. Bal. Advertising Expense Adj. Bal. 2,500 he Read the requirements. Furniture Dividends Adj. Bal. 18,000 Adj. Bal. 28,000 Income Summary Accum. Depreciation-Furniture 8,500 Adj. Bal. Requirement 6. Prepare a post-closing trial balance at December 31, 2024. Review the ending balances of the T-accounts that you prepared above. Malden Advertising Services Post-Closing Trial Balance December 31, 2024 Balance Account Title Debit Credit Malden Advertising Services Post-Closing Trial Balance December 31, 2024 Balance Account Title Debit Credit Total Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Malden Advertising Services Adjusted Trial Balance December 31, 2024 Account Title Cash Balance Debit Credit 13,000 Accounts Receivable 12,600 900 Office Supplies Land 40,000 45,000 $ 25,000 18,000 8,500 Building Accumulated Depreciation Building Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) 500 1,400 8,000 16,000 67,800 Common Stock Dividends 28,000 61,700 Service Revenue Print Done 20 of 50 This Te Data Table X Accounts Receivapie TZ,000 900 Office Supplies Land Building Accumulated Depreciation-Building Furniture 0,000 45,000 $ 25,000 18,000 8,500 500 1,400 8,000 16,000 67,800 Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Furniture Advertising Expense 28,000 61,700 19,000 900 5,000 4,000 2,500 $ 188,900 $ 188,900 Total Print Done