Learning Goal: I’m working on a accounting question and need support to help me learn.

the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. Excel Template for this problem that you may download and use (or you may use your own).

Requirements

  1. Open T-accounts using the balances in the unadjusted trial balance.
  2. Complete the worksheet for the year ended December 31, 2016.
  3. Prepare the adjusting entries and post to the T-accounts.
  4. Prepare the adjusted trial balance.
  5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
  6. Prepare the closing entries and post to the T-accounts.
  7. Prepare a post-closing trial balance.
  8. Calculate the current ratio for the company.