Question

In: Accounting

The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...

The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account Title Debits Credits
Cash 22,700
Accounts receivable 330,000
Prepaid rent 13,000
Inventory 51,000
Office equipment 610,000
Accumulated depreciation—office equipment 254,000
Accounts payable 72,000
Note payable (due in six months) 63,000
Salaries payable 7,500
Interest payable 2,100
Common stock 400,000
Retained earnings 150,000
Sales revenue 750,000
Cost of goods sold 450,000
Salaries expense 112,500
Rent expense 39,000
Depreciation expense 61,000
Interest expense 4,200
Advertising expense 5,200
Totals 1,698,600 1,698,600


Required:
1-a. Prepare an income statement for the year ended December 31, 2018.
1-b. Prepare a classified balance sheet as of December 31, 2018.
2. Prepare the necessary closing entries at December 31, 2018.

Prepare an income statement for the year ended December 31, 2018.

BLUEBOY CHEESE CORPORATION
Income Statement
For the Year Ended December 31, 2018
  
0
0
0

$0

Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

BLUEBOY CHEESE CORPORATION
Balance Sheet
At December 31, 2018
0
0
$0
0
0
$0

Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

  • Record the entry to close the revenue accounts using the income summary.
  • Record the entry to close the expense accounts using the income summary.
  • Record the entry to close the income summary account.

Solutions

Expert Solution


ekkarill92 answered 2 years ago
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