The following is the adjusted trial balance for Jones Accounting Services for the year ended...
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Accounting
The following is the adjusted trial balance for Jones Accounting Services for the year ended December 31, 2021.
Additional Information:
1. A $5,000 installment on the long-term note payable is due within one year.
2. Mike Jones invested $15,000 into her business during the year.
Required:
A. Income Statement for the Year Ended December 31, 2021.
B. Statement of Owner's Equity for the Year Ended December 31, 2021.
C. Classified Balance Sheet as of December 31, 2021.
D. Calculate Working Capital, the Current Ratio, and Acid-Test Ratio at December 31, 2021, and comment on the company's liquidity.
E. Prepare the Closing Entries on December 31, 2021, in a general journal.
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