Question: E4-18 Preparing a classified balance sheet and calculating the current ratio Learning Objectives 1, 6 1. Total Assets $62,600 The adjusted trial balance of Melanie

E4-18 Preparing a classified balance sheet and calculating the current ratio

Learning Objectives 1, 6

1. Total Assets $62,600

The adjusted trial balance of Melanie OMallie Dance Studio Company follows:

E4-18 Preparing a classified balance sheet and calculating the current ratio Learning

Requirements

Prepare the classified balance sheet of Melanie OMallie Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings.

Compute OMallies current ratio at August 31, 2018. One year ago, the current ratio was 1.76. Indicate whether OMallies ability to pay current debts has improved, deteriorated, or remained the same.

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