ulal balance of Blume Irrigation System at December 31, 2018. 10 24 2018 follows: 4. The adjusted trial balance of Blume Imigatio (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year en not used in the statement, leave the box empty, do not select a la parentheses to show a net loss.) the year ended December 31, 2018. (If a box is not select a label or enter a zero. Use a minus sign or Blume Irrigation System Income Statement Year Ended December 31, 2018 (10) (11) (12) Net Income (Loss) Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. Blume Irrigation System Statement of Retained Earnings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 (13) Retained Earnings, December 31, 2018 Requirement 3. Prepare the company's classified bala box is not used in the balance sheet leave the box empty, do not select a la Panys classified balance sheet in report format December 31, 2016. (a xemptydo not select a label or enter a zero.) Blume Irrigation System Balance Sheet December 31, 2018 Assets (15) (16) (17) (20) (21) (22) (23) (24) Less: (25) (26) Less: (27) (28) |(29) Liabilities (30) (31) (33) (34) (35) (36) (37) (38) (39) Stockholders' Equity (40) |(42) |(43) Requirement 4. Journalize the closing entries for Blume Irrigation System. (Record debits Select the explanation on the last line of the journal entry table.) for Blume Irrigation System. (Record debits first, then credits Start by closing revenues. Date Debit Credit Accounts and Explanation Dec. 31 Clos. (1) Close expenses for the period. Date Dec. 31 Clos. (2) (50) (51) (53) TERNS OF (54) Accounts and Explanation He (56) Close Income Summary Date Dec. 31 (57) Clos. (3) (58) (59) (60) (61) ble 5.1 od Credit Accounts and Explanation Close Dividends. Date Dec. 31 (62) Clos. (4) Requirement 6. Compute the company's current ratio at December 31, 2018. At December 31, 2017, the current ratio was 2.4. Did the company's ability to pay debts improve or deteriorate, or did it remain the same? Select the labels then enter the amounts and compute the current ratio. (Round your answer to two decimal places.) (67) (68) - Current ratio Since the current ratio was 2.4 one year ago, Blume's ability to pay its current liabilities has (69) 5: Data Table Blume Invigation System Adjusted Trial Balance December 31, 2018 Credit Debit 13,500 46,900 19,800 6,000 61,000 23.900 21,000 6,900 36.800 600 3.500 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Salaries Pavable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment 1,100 39,900 17,000 11,000 2,600 56,000 1,500 15,700 1,300 600 2,900 1,900 Depreciation Expense-Building 196,700 $ 196,700 Total : Requirements for the year ended December 31, 2018. Stained earnings for the year ended December 31, 2018. 1. Prepare the company's income statement for the year ended 2. Prepare the company's statement of retained earnings for 3. Prepare the company's classified balan 4. Journalize the closing entries for Blume Irrigation System. 5. Compute the company's current ratio at December 31 was 2.4. Did the company's ability to pay debts improve or deteriorate, mpany's classified balance sheet in report form at December 31, 2010: current ratio at December 31, 2018. At December 31, 2017, the current ratio os improve or deteriorate, or did it remain the same
