Problem - 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)
Prepare Classified Balance Sheet, Multiple Income Statement and Statement of Retained Earnings using the proper format and all the required accounting conventions.