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2. Below the Adjusted Trial Balance for Certified Answering Service, Inc. at August 31, 2017 This is the month-end for Certified. Prepare the income statement, statement of stockholders equity and a classified balance sheet in good form. Pasadena Answering Service Adjusted Trial Balance August 31, 2017 Cash Accounts Receivable Prepaid Insurance Office Equipment Accum Dep: Office Equipment Accounts Payable Uneaned Revenue Common Stock, August 1, 2017 Retained Earnings, August 1, 2017 Dividends Answering Service Revenue Wages Expense Office Supplies Expense Depreciation Exp: Office Equipment Income Taxes Expense $ 12,800 2,500 200 3,400 $ 600 1,650 1,600 10,530 2,870 400 6,100 3,020 480 450 100 23,350 $23,350 23,350 3. Using the classified balance sheet you prepared in #2, calculate: a. Working Capital b. The Current Ratio 4. Steve's BarBQ borrowed $10,000 to start the business on October 1, 2015. The interest and principal were to be paid in March 2016, The interest rate is 7% annually. What entry was made at the end of the year December 31, 2015? Make the entry in proper form. At the beginning of the year, Southside Company assets were $590,000 and Stockholders' Equity was $275,000. During the year, Assets increased $75,000 and Liabilities decreased $40,000. What was Stockholders' Equity at the end of the year. 5

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