Question: Refer to Exercise Requirements 1 Use the data in the

Refer to Exercise.

1. Use the data in the partial worksheet to prepare Wallace Production Company’s classified balance sheet at December 31 of the current year. Use the report format. First you must compute the adjusted balance for several of the balance-sheet accounts.
2. Compute Wallace Production Company’s current ratio and debt ratio at December 31. A year ago, the current ratio was 1.45 and the debt ratio was 0.35. Indicate whether the company’s ability to pay its debts both current and total improved or deteriorated during the currentyear.

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