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In: Accounting

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account Title Debits Credits
Cash 63,100
Accounts receivable 260,000
Prepaid rent 6,000
Inventory 37,000
Office equipment 470,000
Accumulated depreciation 198,000
Accounts payable 44,000
Notes payable (due in six months) 21,000
Salaries payable 6,200
Interest payable 700
Common stock 400,000
Retained earnings 80,000
Sales revenue 620,000
Cost of goods sold 372,000
Salaries expense 93,000
Rent expense 18,000
Depreciation expense 47,000
Interest expense 1,400
Advertising expense 2,400
Totals 1,369,900 1,369,900


Required:
1-a. Prepare an income statement for the year ended December 31, 2021.
1-b. Prepare a classified balance sheet as of December 31, 2021.
2. Prepare the necessary closing entries at December 31, 2021.

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ekkarill92 answered 2 years ago
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