LOL. How do we prepare the financial statements a) List the order the financial statements should be prepared: b) In your own words, how is the classified balance sheet different from the unclassified balance sheet? How do we distinguish between current asset vs. long-term asset and currently liability vs. long-term liability? LO3. What is the closing process, and how do we close the accounts a) List 4 examples of temporary accounts. b) Write the closing entry for the Service Revenue account that has a $10,000 credit balance. Date Accounts and Explanation Debit Credit c) Write the closing entry for the Dividends account that has a $1,000 credit balance. Date Accounts and Explanation Debit Credit LO4. How do we prepare a post-closing trial balance a) Which type of accounts normally appear on the adjusted trial balance that do not appear on the post-closing trial balance? LOS What is the accounting cycle How many steps are in the accounting cycle (as illustrated in this text)? LO6. How do we use the current ratio to evaluate business performance a) What is the formula for calculating current ratio? b) If current assets are $20,000 and current liabilities are $5,000, what is the current ratio