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


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?
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