. The adjusted trial balance of Musquem Golf School at April 30, 2017, the end of the...

 

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The adjusted trial balance of Musquem Golf School at April 30, 2017, the end of the com- pany's fiscal year, is shown on the next page. Required 1. Prepare Musquem Golf School's income statement and statement of owner's equity for the year ended April 30, 2017, and the classifiel balance sheet on that date. Use the account format for the balance sheet. 2. Journalize the closing entries. Include explanations. 3. Compute Musquem Golf School's current ratio and debt ratio at April 30, 2017. One year ago, the current ratio stood at 1.21, and the debt ratio was 0.82. Did Musquem Golf School's ability to pay debts improve or deteriorate during fiscal 2017? The adjusted trial balance of Musquem Golf School at April 30, 2017, the end of the com- pany's fiscal year, is shown on the next page. Required 1. Prepare Musquem Golf School's income statement and statement of owner's equity for the year ended April 30, 2017, and the classifiel balance sheet on that date. Use the account format for the balance sheet. 2. Journalize the closing entries. Include explanations. 3. Compute Musquem Golf School's current ratio and debt ratio at April 30, 2017. One year ago, the current ratio stood at 1.21, and the debt ratio was 0.82. Did Musquem Golf School's ability to pay debts improve or deteriorate during fiscal 2017?