he following accounts were taken from the records of Best Company on the year end (December 31, 2021) after adjusting entries being recorded and posted; all accounts have normal balances:

Account payables $ 10,400

Account receivables 12,800

Cost of goods sold 16,600

Capital stock 37,400

Cash 10,800

Sales Revenue 49,600

Land 30,000

Sales Salaries expense 6,000

Advertising expense 2,600

Sales Salaries payable 2,000

Interest expense 1,960

Rent expense 2,000

Utilities expense 1,440

Income Tax Expense 2,000

Income Tax Payable 800

Investment (long-term) in ZYX, Inc shares 11,400

Depreciation Expense-Equipment 4,800

Sales Discounts 2,000

Accumulated Depreciation-Equipment 7,200

Inventory 16,000

Bonds Payable (Due in ten years) 33,000

Retained Earnings (January 1, 2021) 5,000

Dividends ?

Equipment 24,000

Additional information:

Total assets (end of the year) ?

Total assets (beginning of the year) 94,200

Sales Salaries and Advertising expenses are Selling expenses and other operating expenses are General and Administrative expenses.

Number of share outstanding during the year is 5,100. No new shares were issued during the year. The stock was selling at $20 per share at the year end.

No additional entries are required.

REQUIREMENT: (Show your detailed work)

(a) Prepare Classified Balance Sheet, Multiple-Step Income Statement and Statement of Retained Earnings of Best Company using the proper format and all the required accounting conventions.

(b) Prepare the closing entries for Best Company