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:
Feedback Toward Goals
Information provided to individuals or groups regarding their progress in achieving specific objectives, intended to guide and improve future performance.
Goal-setting Program
A structured approach to setting and achieving specific, measurable, attainable, relevant, and time-bound goals.
Obstacles
Factors, objects, or conditions that impede progress or make it difficult to achieve an objective.
Length of Workday
The total number of hours an employee is expected to work within a single day.
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