Wilson Engraving just completed operations for the year ending December 31,2018.Accounts from the adjusted trial balance dated December 31,2018 are listed in alphabetical order below:
Requirement:
a.Prepare the closing entries.Omit explanations.
b.Prepare,in good form,the income statement,statement of owner's equity,and balance sheet.There were no new capital contributions during the year.
c.Compute the current ratio.Label your work.Comment on the current ratio.
Definitions:
Calculating Interest
The process of determining the interest payment on a loan or investment based on the principal, rate, and time.
Trade Receivables
amounts owed to a business by its customers for goods or services sold on credit.
Accounts Receivable
Amounts owed to a business by its customers for goods or services delivered on credit, expected to be collected in cash.
Notes Receivable
Financial assets representing amounts owed to the holder by the issuer that are supported by formal agreements or promissory notes.
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