Question: e337b learning objectives 3 5 adjust the accounts close the...
E3-37B. (Learning Objectives 3, 5: Adjust the accounts; close
the books) The unadjusted trial balance and income statement
amounts from the December 31 adjusted trial balance of Lauer
Production Company follow:
Requirement 1. Journalize the adjusting and closing entries of Lauer Production Company at December 31. There was only one adjustment to Service Revenue.
E3-38B. (Learning Objectives 4, 6: Construct the financial statements; analyze and evaluate liquidity and debt-paying ability) Refer to Exercise 3-37B.
Requirements 1. Use the data in the partial worksheet to prepare
Lauer Production Company’s classified balance sheet at December 31
of the current year. Use the report format. First you must
calculate the adjusted balance for several of the balance-sheet
accounts. 2. Calculate Lauer Production Company’s net working
capital, current ratio, and debt ratio at December 31. A year ago,
the net working capital was $10,600, the current ratio was 2.40,
and the debt ratio was 0.50. Indicate whether the company’s ability
to pay its debts—both current and total—improved or deteriorated
during the current year.