Exam I Part I - Individual Project The following accounts were taken from the records of Beta Co. on the year end (December 31, 2010) after adjusting entries being recorded and posted; all accounts have normal balances: Account payables $ 5,200 Account receivables 6,400 Cost of goods sold 8,300 Capital stock 18,700 Cash 5,400 Sales Revenue 24,800 Land 15,000 Salaries expense 4,300 Salaries payable 1,400 Interest expense 1,980 Utilities expense 720 Investment (long-term) in ZYX, Inc shares 5,700 Depreciation Expense-Equipment 2,400 Sales Discounts 1,000 Accumulated Depreciation-Equipment 3,600 Inventory 8,000 Bonds Payable 16,500 Retained Earnings 2,500 Dividends ? Equipment Additional information: Total assets (end of the year) 48,900 Total assets (beginning of the year) 47,100 Number of share outstanding during the year is 6,100. No new shares were issued during the year. The stock was selling at $10 per share at the year end. No additional entries are required. REQUIREMENT: (Show your detailed work) (a) Prepare Classified Balance Sheet, Multiple Income Statement and Statement of Retained Earnings using the proper format and all the required accounting conventions. (b) Prepare the closing entries for Beta. (c) Calculate the ratios (discussed in the class) for Beta's profitability, liquidity and credit risk /solvency