The adjusted trial balance of Boston Irrigation System at December 31, 2024, follows: Requirements 1. Prepare the

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The adjusted trial balance of Boston Irrigation System at December 31, 2024, follows:

 

Requirements

1. Prepare the company’s income statement for the year ended December 31, 2024. 

2. Prepare the company’s statement of owner’s equity for the year ended December 31, 2024. 

3. Prepare the company’s classified balance sheet in report form at December 31, 2024. 

4. Journalize the closing entries for Boston Irrigation System. 

5. Compute the company’s current ratio at December 31, 2024. At December 31, 2023, the current ratio was 2.3. Did the company’s ability to pay current debts improve or deteriorate, or did it remain the same?

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Horngrens Accounting The Financial Chapters

ISBN: 9780136162186

13th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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