Use the following partial work sheet from Matthews Lanes to prepare its income statement, statement of changes in equity and a classified balance sheet (Assume the owner did not make any investments in the business this year.)
Definitions:
Debt Ratio
A financial metric comparing the total debt of a company to its total assets, indicating the proportion of a company's assets that are financed by debt.
Accrued Expenses
Expenses that have been incurred but not yet paid or recorded in the books, representing liabilities that a company owes.
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