Part I - Individual Project
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:
Cost of goods sold
Investment (long-term) in ZYX, Inc shares
Total assets (end of the year)
Total assets (beginning of the year)
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.
(Show your detailed work)
(a) Prepare Classified Balance Sheet, Multiple Income Statement and Statement of Retained
Earnings using the proper format and all the required accounting conventions.
(b) Prepare the closing entries for Beta.
(c) Calculate the ratios (discussed in the class) for Beta’s profitability, liquidity and credit risk
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