Requirements -Prepare the company's classified balance sheet in report form at December 31 comma 2018 December 31, 2018.

-Journalize the closing entries for Brinney Irrigation System.

-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 debts improve or deteriorate, or did it remain the same?
 
 

Transcribed Image Text:

The adjusted trial balance of Brinney Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December Brinney Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue Expenses Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense Building Total Expenses Net Income (Loss) $ 1,200 16,500 800 400 2,700 1,400 S 70.000 23,000 47,000 2018. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) The adjusted trial balance of Brinney Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December Brinney Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue Expenses Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense Building Total Expenses Net Income (Loss) $ 1,200 16,500 800 400 2,700 1,400 S 70.000 23,000 47,000 2018. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.)

Answer rating: 100% (QA)

Brinney Irrigation Systems Statement of Income For the Year ending 31122018 Serv... View the full answer