Question: Question 3 (10 marks - 15 minutes): True or False: Place your answer on worksheet Q3 The adjusted trial balance of Stevenson Services at December

Question 3 (10 marks - 15 minutes): True or False: Place your answer on worksheet Q3 The adjusted trial balance of Stevenson Services at December 31, 2027, contains the following accounts, which all have normal balances and are all in thousands of dollars. The Capital account is the balance at January 1,2027. Additional information: The mortgage terms call for the annual payment of $7,000 each November 1. Required: (a) Prepare in good form a classified balance sheet for Stevenson Services, at December 31, 2027, using the accounts listed and the additional information provided. Use space provided. (11 Marks) (b) Journalize the closing entries at December 31, 2027 (6 Marks) (c) Calculate the current ratio and acid-test ratio for Stevenson Services at December 31, 2027. (4 Marks)

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