Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON

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Textbook Question
Chapter 4, Problem P4.30APGA

Preparing financial statements including a classified balance sheet in report form, preparing closing entries, and using the current ratio to evaluate a company

Learning Objectives 1, 3, 6
2. Ending Capital \$80,200
The adjusted trial balance of Boston Irrigation System at December 31, 2018, follows:

Requirements

1. Prepare the company's income statement for the year ended December 31,2018.
2. Prepare the company's statement of owner's equity for the year ended December 31,2018. Assume that there were no contributions made by the owner during the year.
3. Prepare the company's classified balance sheet in report form at December 31,2018.
4. Journalize the closing entries for Boston Irrigation System.
5. Compute the company's current ratio at December 31,2018. At December 31,2017, the current ratio was 2.3. Did the company's ability to pay current debts improve or deteriorate, or did It remain the same?

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