The adjusted trial balance of Wong Consulting Services is as follows:

WONG CONSULTING SERVICES Adjusted Trial Balance December 31, 2017 Debit Credit Cash $2,800 Accounts receivable 1,200 Prepaid insurance 800 Supplies 200 Furniture 12,500 Accumulated depreciation furniture $1,100 Accounts payable 700 Salaries payable 640 Interest payable 46 Unearned revenue 170 Notes payable, due 2022 3,000 V. Wong, capital 5,100 V. Wong, drawings 8,000 Consulting revenue 28,064 Rent revenue 640 Depreciation expense 510 Insurance expense 680 Interest expense 150 Rent expense 1,700 Repairs expense 270 Salaries expense 9,300 Supplies expense 890 Utilities expense 460 $39,460 $39,460

During the year, the owner V. Wong invested $1,000 in the business.

Prepare an income statement for Wong Consulting Services.

WONG CONSULTING SERVICES Income Statement Year Ended December 31, 2017 December 31, 2017 Month Ended December 31, 2017 Gross Profit Total Revenues Expenses Investments V. Wong, Capital, January 1, 2017 Net Income / (Loss) V. Wong, Capital, December 31, 2017 Drawings Total Expenses Revenues Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings $ Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Drawings V. Wong, Capital, December 31, 2017 Net Income / (Loss) Revenues Total Revenues Expenses Total Expenses Gross Profit Investments V. Wong, Capital, January 1, 2017 $ Revenues Expenses Total Revenues Gross Profit Investments Total Expenses Net Income / (Loss) V. Wong, Capital, January 1, 2017 Drawings V. Wong, Capital, December 31, 2017 Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Total Expenses Drawings Net Income / (Loss) Investments V. Wong, Capital, January 1, 2017 Revenues V. Wong, Capital, December 31, 2017 Total Revenues Expenses Gross Profit Expenses V. Wong, Capital, December 31, 2017 Net Income / (Loss) Total Expenses Gross Profit Drawings Investments V. Wong, Capital, January 1, 2017 Revenues Total Revenues $

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Prepare a statement of owner's equity. (List items that increase owner's equity first.)

WONG CONSULTING SERVICES Statement of Owner's Equity Year Ended December 31, 2017 Month Ended December 31, 2017 December 31, 2017 Gross Profit Drawings V. Wong, Capital, January 1, 2017 Investments V. Wong, Capital, December 31, 2017 Revenues Total Revenues Total Expenses Expenses Net Income / (Loss) $ Less Add : Gross Profit Expenses Total Expenses Net Income / (Loss) Revenues Drawings Investments V. Wong, Capital, January 1, 2017 V. Wong, Capital, December 31, 2017 Total Revenues $ Total Revenues Gross Profit Total Expenses V. Wong, Capital, January 1, 2017 Revenues Expenses Drawings Investments Net Income / (Loss) V. Wong, Capital, December 31, 2017 Add Less : V. Wong, Capital, January 1, 2017 Total Revenues Total Expenses Drawings Expenses V. Wong, Capital, December 31, 2017 Net Income / (Loss) Investments Gross Profit Revenues Total Revenues V. Wong, Capital, December 31, 2017 Expenses Total Expenses Net Income / (Loss) Gross Profit V. Wong, Capital, January 1, 2017 Drawings Investments Revenues $

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Prepare a classified balance sheet for Wong Consulting Services. (List Current Assets in order of liquidity.)

WONG CONSULTING SERVICES Balance Sheet December 31, 2017 Year Ended December 31, 2017 Month Ended December 31, 2017 Assets Owner's Equity Total Property, Plant and Equipment Total Owner's Equity Long-term Liabilities Current Assets Total Long-term Liabilities Property, Plant, and Equipment Total Assets Total Liabilities Total Liabilities and Owner's Equity Total Long-term Investments Long-term Investments Current Liabilities Total Current Assets Total Current Liabilities Intangible Assets Total Intangible Assets Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings $ Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Salaries Payable Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Salaries Payable Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Total Intangible Assets Total Liabilities Current Liabilities Owner's Equity Total Assets Long-term Investments Total Liabilities and Owner's Equity Total Property, Plant and Equipment Total Long-term Investments Intangible Assets Total Owner's Equity Total Current Assets Long-term Liabilities Total Current Liabilities Current Assets Property, Plant, and Equipment Total Long-term Liabilities Total Assets Total Long-term Investments Total Current Liabilities Owner's Equity Total Intangible Assets Total Owner's Equity Total Liabilities Total Long-term Liabilities Property, Plant, and Equipment Total Liabilities and Owner's Equity Total Current Assets Current Assets Long-term Investments Total Property, Plant and Equipment Current Liabilities Intangible Assets Long-term Liabilities Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Salaries Payable Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings $ Add Less : Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Supplies Expense Salaries Payable Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Current Assets Owner's Equity Total Owner's Equity Total Property, Plant and Equipment Total Assets Property, Plant, and Equipment Long-term Investments Total Long-term Liabilities Current Liabilities Total Intangible Assets Total Liabilities Total Current Liabilities Intangible Assets Total Current Assets Long-term Liabilities Total Liabilities and Owner's Equity Total Long-term Investments $ Liabilities and Owner's Equity Total Assets Long-term Investments Long-term Liabilities Owner's Equity Property, Plant, and Equipment Total Long-term Investments Total Intangible Assets Total Liabilities Total Current Assets Total Current Liabilities Total Long-term Liabilities Current Liabilities Total Liabilities and Owner's Equity Total Property, Plant and Equipment Total Owner's Equity Current Assets Intangible Assets Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings $ Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Furniture Accumulated Depreciation Notes Payable, due 2022 Supplies Prepaid Insurance V. Wong, Capital Accounts Payable Salaries Payable Interest Payable Unearned Revenue Accounts Receivable Cash Total Long-term Investments Total Assets Total Current Assets Property, Plant, and Equipment Total Long-term Liabilities Intangible Assets Total Owner's Equity Long-term Investments Owner's Equity Current Assets Total Property, Plant and Equipment Current Liabilities Total Current Liabilities Total Intangible Assets Total Liabilities Long-term Liabilities Total Liabilities and Owner's Equity Property, Plant, and Equipment Total Long-term Liabilities Total Liabilities and Owner's Equity Total Assets Long-term Liabilities Total Liabilities Total Long-term Investments Total Current Assets Current Liabilities Total Property, Plant and Equipment Owner's Equity Intangible Assets Total Current Liabilities Total Intangible Assets Total Owner's Equity Current Assets Long-term Investments Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Total Assets Total Current Liabilities Total Property, Plant and Equipment Property, Plant, and Equipment Long-term Liabilities Owner's Equity Current Liabilities Long-term Investments Total Long-term Investments Total Intangible Assets Total Long-term Liabilities Total Current Assets Total Liabilities Total Liabilities and Owner's Equity Intangible Assets Total Owner's Equity Current Assets Total Current Liabilities Total Liabilities and Owner's Equity Total Assets Total Long-term Investments Total Intangible Assets Intangible Assets Total Current Assets Owner's Equity Property, Plant, and Equipment Total Property, Plant and Equipment Total Liabilities Total Long-term Liabilities Total Owner's Equity Current Assets Current Liabilities Long-term Investments Long-term Liabilities Accounts Receivable Accounts Payable Accumulated Depreciation Furniture Cash Consulting Revenue Depreciation Expense Furniture Interest Revenue Insurance Expense Interest Expense Interest Payable Notes Payable Prepaid Insurance Rent Revenue Rent Expense Repairs Expense Salaries Expense Salaries Payable Supplies Expense Supplies Supplies Payable Utilities Expense Unearned Revenue V. Wong, Capital V. Wong, Drawings Long-term Liabilities Total Owner's Equity Total Liabilities Current Assets Intangible Assets Property, Plant, and Equipment Total Liabilities and Owner's Equity Total Long-term Investments Owner's Equity Total Long-term Liabilities Long-term Investments Total Current Liabilities Total Property, Plant and Equipment Current liabilities Total Assets Total Current Assets Total Intangible Assets $

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Calculate the current ratio and the acid-test ratio for Wong Consulting Services. (Round answers to 1 decimal place, e.g. 1.7:1)

Current Ratio : 1 Acid-test Ratio : 1