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Financial Statements, Closing entries and ratios (26 marks) The account balances of Stucco Construction Company on December 31, 2020 is shown below with the accounts in alphabetical order: Accounts payable 29,500 Accounts receivable 19.000 Accumulated depreciation - 26,280 equipment Cash 11,000 Cost of goods sold 575,500 Depreciation expense 11,170 Equipment 65,700 Insurance expense 2.900 Interest expense 2,000 Interest revenue 960 Inventory 57,000 Notes payable 38,990 Notes receivable 1 33,260 Rent expense 15,500 Sales 686.000 Supplies expense 5,600 Unearned revenue 5,900 Zoe, capital 72,200 Zoe, drawings 61,200 The company wants to prepare financial statements for its year ended December 31, 2020 There were no capital investments made by the owner in the year. The notes receivable is due in 2021. The notes payable is due in 2024. Required: 1. Required: Prepare, in proper form, a classified balance sheet, a multi-step income statement, and a statement of owner's equity. (19 marks) 2. Required: Prepare the necessary closing entries for two accounts only. (2 marks) 3. Assume that you are a banker and Stucco Construction would like to borrow money from you. As part of your review of the financial statements you decide to do some ratio analysis and compare Stucco Construction to other similar companies in the industry. You have been able to determine the following three industry ratios: Ratio Gross margin Inventory turnover Current ratio Formula (Sales-COGS)/Sales COGS/Inventory Current assets/current Habilities Industry Ratio 20% 10 times 2.0 Required Calculate the three ratios for Stucco Construction and briefly discuss what each resulting ratio means compared to the industry value. (4 marks)