The adjusted trial balance of Melanie O'Mallie Dance Studio Company follows: Requirements 1. Prepare the classified balance
Question:
Requirements
1. Prepare the classified balance sheet of Melanie O'Mallie Dance Studio Company at August 31, 2018. Use the report form. You must compute the ending balance of Retained Earnings.
2. Compute O'Mallie's current ratio at August 31, 2018. One year ago, the current ratio was 1.76. Indicate whether O'Mallie's ability to pay current debts has improved, deteriorated, or remained the same.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
MELANIE O'MALLIE DANCE STUDIO COMPANY Trial Balance August 31, 2018 Balance Account Title Debit Credit S 1,000 Cash Office Supplies 1,800 Prepaid Rent 1,500 Equipment 49,000 $ 5,700 Accumulated Depreciation-Equipment 4,800 Accounts Payable Salaries Payable 100 Unearned Revenue 5,000 Notes Payable (long-term) 5,400 Common Stock 18,000 Retained Earnings 19,000 1,100 Dividends Service Revenue 18,100 3,600 Salaries Expense Rent Expense 1,100 Depreciation Expense-Equipment 400 Supplies Expense 500 Utilities Expense 1,100 $ 76,100 $ 76,100 Total
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Requirement 1 MELANIE OMALLIE DANCE STUDIO COMPANY Balance Sheet August 31 2018 Assets Curr...View the full answer
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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