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ACC511 Mid-term exam

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Question;ACC 511 PROF. PARKASHEXAM #1PROBLEMIndividual ProjectMultiple Choice - 20 questionsProblemTotalALLOCATED1209040250Exam IPart I - Individual ProjectThe following accounts were taken from the records of Beta Co. on the year end (December 31, 2010) afteradjusting entries being recorded and posted, all accounts have normal balances:Account payablesAccount receivablesCost of goods soldCapital stockCashSales RevenueLandSalaries expenseSalaries payableInterest expenseUtilities expenseInvestment (long-term) in ZYX, Inc sharesDepreciation Expense-EquipmentSales DiscountsAccumulated Depreciation-EquipmentInventoryBonds PayableRetained EarningsDividendsEquipmentAdditional information:Total assets (end of the year)Total assets (beginning of the year)$ 5,2006,4008,30018,7005,40024,80015,0004,3001,4001,9807205,7002,4001,0003,6008,00016,5002,500??48,90047,100Number of share outstanding during the year is 6,100. No new shares were issued during the year. The stockwas 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 RetainedEarnings 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/solvency.

 

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