Brinney Irrigation System

Adjusted Trial Balance

December $31,2025$

Cash

$$15,600$

Accounts Receivable

$51,000$

Supplies

$700$

Prepaid Insurance

$6,200$

Land

$20,000$

Building

$61,000$

Accumulated Depreciation$$Building

$$25,200$

Equipment

$20,000$

Accumulated Depreciation$$Equipment

$6,400$

Accounts Payable

$29,500$

Interest Payable

$600$

Salaries Payable

$3,600$

Unearned Revenue

$1,300$

Notes Payable $($long$-$term$)$

$27,200$

Common Stock

$25,000$

Retained Earnings

$15,000$

Dividends

$2,600$

Service Revenue

$68,000$

Insurance Expense

$1,500$

Salaries Expense

$17,200$

Supplies Expense

$1,500$

Interest Expense

$600$

Depreciation Expense$$Equipment

$2,200$

Depreciation Expense$$Building

$1,700$

Total

$$201,800$

$$201,800$

$1.$

Prepare the$$ company's income statement for the year ended $.$

$2.$

Prepare the$$ company's statement of retained earnings for the year ended $.$

$3.$

Prepare the$$ company's classified balance sheet in report form at $.$

$4.$

Journalize the closing entries for Irrigation System.

$5.$

Compute the$$ company's current ratio at $.$ At $,$ the current ratio was $.$ Did the$$ company's ability to pay debts improve or$$ deteriorate, or did it remain the$$ same?