SITUATION THREE

The financial statement columns of the worksheet for Rimas Corporation on December $31,2027,$ are as follows:

Instructions

$($a$)$ Prepare the closing entries for this information. $(13$ points$)$

$($b$)$ Prepare the income statement, and retained earnings statement $(22$ points$)$

$($c$)$ Prepare a classified balance sheet for on December $31,2027$ assuming the note payable is a long$-$term liability. Information of Common Stock, authorized $100,000,$ the par value is $$10$ per shares, $5,000$ shares of common stock are outstanding and issued. $(28$ points$)$