The adjusted trial balance of Browne Irrigation System at December 31, 2014, follows: Requirements 1. Prepare the

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The adjusted trial balance of Browne Irrigation System at December 31, 2014, follows:


The adjusted trial balance of Browne Irrigation System at December


Requirements
1. Prepare the company’s income statement for the year ended December 31, 2014.
2. Prepare the company’s statement of retained earnings for the year ended December 31, 2014.
3. Prepare the company’s classified balance sheet in report form at December 31, 2014.
4. Journalize the closing entries for Browne Irrigation System.
5. Compute the company’s current ratio at December 31, 2014. At December 31, 2013, the current ratio was 2.20. Did the company’s ability to pay debts improve or deteriorate, or did it remain thesame?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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