I am just trying to do as much exercise as I can to have a good understanding of concept. Am I on a the right track

I am just trying to do as much exercise as I can to have a good understanding of concept. Am I on a the right track

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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)
(a) Prepare Classified Balance Sheet, Multiple Income Statement and Statement of Retained
Earnings using the proper format and all the required accounting conventions.
Part I- Individual Project
Beta Co
Classified
Balance sheet
December 31,
2010
Asset
Current Assets
Explanations/details
Cash
5,400
Account
6,400

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receivables
Inventory
8,000
Total current
asset
19,800
5400+6400+8000=19,800
Plant and Equipment
Land
15,000
Equipment
$12,
000*
Less :accumulated depreciation
3,60
0
Long term investment
Investment in ZYX,Inc shares
5,700
Total asset
48,900
Liabilities and Stockholders’ Equity
Current
Liabilities
Account
Payable
$5,200
Salaries
payable
$1,400
Total current
liabilities
$6,600
Long-term liabilities
Bonds Payable
16,500
$16,500
Stockholders’ equity
Capital stock
$18,700
Retained earnings
$7,100**
Total stockholders’ equity
Total stockholders’ equity and
liabilities
$48,900
*$48,900=(Equipment-$3,600)+($19,800+$5,700+$15,000)=Equipment+36,900
*Equipment=$12,000
**$7,100=$48,900-($5,200+$1,400+$16,500+$18,700)
Beta Co
Income satement
December 31, 2010

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