Question: Bobbi Downey LAUNDRY offers various laundry services. Based on the adjusted trial balance of the company at August 31, 2014 prepare the following: Income statement for the year ended December 31, 2014. Classified Statement of Financial Position as on December 31, 2014. Quick (or Acid-Test Ratio) Ratio Current Ratio Debt to equity Ratio Bobbi Downey LAUNDRY Adjusted Trial Balance August 31, 2014 Accounts Title Credits Debits 121,000 45,000 25,000 47,000 93,000 140,000 Cash Accounts receivable Allowance for uncollectible accounts Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable(due in six months) Salaries payable Interest payable Ordinary share capital Retained earnings Sales revenue Cost of goods sold Salaries expenses Rent expenses Depreciation expenses 20.000 17,000 5,000 10,000 20,000 250,000 50,000 200,000 70,000 30,000 5,000 5,000 Interest expenses 18,000 Bad debts expenses 23,000 Total 597,000 597,000