The adjusted trial balance of Penny O'Hara Dance Studio Company follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare the classified balance sheet of Penny O'Hara Dance Studio Company at August 31, 2024. 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. Penny O'Hara Dance Studio Company Balance Sheet August 31, 2024 Assets Less: Liabilities Requirements 1. Prepare the classified balance sheet of Penny O'Hara Dance Studio Company at August 31, 2024. Use the report form. You must compute the ending balance of Retained Earnings. 2. Compute O'Hara's current ratio at August 31, 2024. One year ago, the current ratio was 1.71. Indicate whether O'Hara's ability to pay current debts has improved, deteriorated, or remained the same. - Less: Liabilities Stockholders' Equity Requirement 2. Compute O'Hara's current ratio at August 31, 2024. One year ago, the current ratio was 1.71. Indicate whether O'Hara's ability to pay current debts has improved, deteriorated, or remained the same. Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) Since the current ratio was 1.71 one year ago, the company's ability to pay its current debts has Current ratio