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The following trial balance for Hedgehog Ranch Company pertains to December 31, 2018, which the end of the firm's your long accounting period. mm (Click the icon to view the adjusted trial balance) Read the requirements Mick the loon to view the income statement) (Click the icon to view the statement of retained camings) (Click the icon to view the balance sheet) Requirement 1. Make Hedgehog Ranch Company's closing entries at December 31, 2018. En what they accomplish and why they are necessary. (Record debits first the credits bude uplanation from any pura entries) Record the closing entries for Hedgehog Ranch Company December 31, 2018. Begin by closing the rece account Journal Entry Date Accounts Deb Crede Requirements Adjusted Trial Balance accom Credit 1. Make Hedgehog Ranch Company's closing entries at December 31, 2018 Explain what they accomplish and why they are necessary 2. Post the closing entries to retained Earnings and compare Retained Earnings ending balance with the amount reported on the balance sheet. The two amounts should be the same 3. Prepare Hedgehog Ranch Company's classified balance sheet to identify the company's current assets and current liabilities (The company has no long-term liabilities. Use the account format. Then compute the company's networking capital, current ratio, and debt ratio at December 31, 2018 4. Hedgehog Ranch Company's top managers have asked you for a $750,000 loan to expand the business and propose to pay off the loan over a 10-year period. Recalculate Hedgehog Ranch Company's debt ratio assuming you make the loan. Use the company financial statements plus the ratio values to decide whether in and the anat an interest rate of % 10% 12% acco Hedgehog Ranch Company Adjusted Trial Balance December 31, 2018 Account Debit Cash $ 197,000 Accounts receivable 364,000 Supplies 1,700 Building 400,000 Accumulated depreciation Print Done Print Done Clear mmg