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Preparing a classified balance sheet and calculating the current ratio The adjusted trial balance of Carmen O’Connor Dance Studio Company follows:
Requirements
1. Prepare the classified balance sheet of Carmen O’Connor Dance Studio Company at August 31, 2016. Use the report form. You must compute the ending balance of Retained Earnings.
2. Compute O’Connor’s current ratio at August 31, 2016. One year ago, the current ratio was 1.70. Indicate whether O’Connor’s ability to pay current debts has improved, deteriorated, or remained the same.
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