Prepare an Income Statement and Statement of Retained Earnings for the year ended December 31,2010 Use the Data Service Center data to journalize their closing entries at December 31, 2010. Set up a T-account for Retained Earnings and post to that account. Does the ending balance in retained earnings equal the amount vou calculated in the Statement of retained earnings? Why or Why not? Did Retained Earnings increase or decrease during the year? What caused the increase or decrease? Prepare a Classified Balance Sheet as of December 31, 2010. Remember to use the ending Retained Earnings amount Calculate the Current Ratio and the Debt Ratio for 2010. Compare the ratios calculated to prior year amounts: Current Ratio-2.00. Quick Ratio-1.80 and Debt Ratio-15% 1. 2. 3. 4. 5. 6