Homework: Week 3 - Chapter 04 problems Save Score: 0 of 1 pt 5 of 5 (1 complete)

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Homework: Week 3 - Chapter 04 problems Save Score: 0 of 1 pt 5 of 5 (1 complete) HW Score: 9.39%, 0.47 of 5 pts P4-35B (similar to) Question Help The adjusted trial balance of Brinney Irigation System at December 31, 2016, follows: EEE (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2016. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Brinney Irrigation System Income Statement Year Ended December 31, 2016 Net Income (Loss)

Explanation / Answer

1.

2.

3.

4.

5. Current ratio = Current assets/Current liabilities = $76000/$38000 = 2

The company's ability to pay debts deteriorated as compared to 2015.

Brinney Irrigation System Income Statement Year Ended Decemebr 31, 2016 Revenue: Service revenue 63000 Expenses: Insurance expense 1000 Salaries expense 15900 Supplies expense 1500 Interest expense 1800 Depreciation expense-Equipment 2700 Depreciation expense-Building 1400 Total expense 24300 Net income (loss) 38700

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