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. MARINE FISHING CENTRE Adjusted Trial Balance March 31, 2024 DebitCredit Cash$7,720 Interest receivable750 Supplies1,425 Long-term investments30,000 Land46,800 Building186,900 Accumulated depreciationbuilding$31,150 Equipment36,200 Accumulated depreciationequipment18,100 Accounts payable5,875 Interest payable990 Unearned revenue2,190 Notes payable ($6,000 must be paid in Feb. 2025)66,000 R. Falkner, capital165,300 R. Falkner, drawings46,200 Service revenue124,300 Interest revenue1,500 Depreciation expense9,850 Interest expense3,960 Insurance expense4,500 Salaries expense30,000 Supplies expense5,700 Utilities expense5,400 TOTAL$415,405$415,405 Instructions: 1. Prepare an income statement for the year ended March 31, 2024. 2. Prepare a statement of owners equity. The owner, Rachael Falkner, invested $2,300 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) 3. Prepare a classified balance sheet. 4. Prepare closing entries. 5. Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.) 6. Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the information in the statement of owners equity. 7. Calculate the Working Capital and Acid Test Ratio.

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