Toronto Raptors is a basketball sports organization, selling tickets in advance of basketball games. Toronto Raptors prepares adjusting entries monthly. Additional information available on December $31,2023,$ are as follows:

The Raptors received $$150,000$ in advance ticket sales for upcoming games that haven$$t been played yet.

The organization paid $$30,000$ at the beginning of December for an annual insurance policy covering their facilities.

At the end of the reporting period, the Raptors owe their players $$80,000$ in salaries for games played but not yet paid.

The organization$$s equipment was purchased for $$200,000$ with an estimated useful life of $5$ years and no salvage value. Depreciation is calculated yearly using the straight$-$line method.

REQUIRED:

Prepare the necessary December $31,2023,$ month$-$end adjusting journal entries based on the information above.

Prepare an adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Changes in Equity worksheet

Calculate current and debt to equity ratios