Refer to exercise E3-31. Information from E3-31 The unadjusted trial balance and the income statement amounts from the December 31, 2017, adjusted trial balance of Yosaf Portraits Ltd. are given below. Requirements 1. After solving E3-30, use the data in that exercise to prepare Yosaf Portraits Ltd. s classified balance sheet at December 31, 2017. Use the report format. First you must compute the adjusted balance for several balance sheet accounts. 2. Compute Yosaf Portraits Ltd. s current ratio and debt ratio at December 31, 2017. A year ago, the current ratio was 1.55 and the debt ratio was 0.45. Indicate whether the company s ability to pay its debts-both current and total-improved or deteriorated during the current year.
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