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.

Solutions

Expert Solution

If you have any query feel free to ask in comment section. Thanks

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

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 41,500 Accounts receivable 305,000 Prepaid rent 10,500 Inventory 45,000 Office equipment 550,000 Accumulated depreciation 230,000 Accounts payable 62,000 Notes payable (due in six months) 45,000 Salaries payable 7,000 Interest payable 1,500 Common stock 400,000 Retained earnings 125,000 Sales revenue 700,000 Cost of goods sold 420,000 Salaries expense 105,000 Rent expense 31,500 Depreciation expense 55,000 Interest expense 3,000 Advertising expense 4,000...

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 11,900 Accounts receivable 350,000 Prepaid rent 15,000 Inventory 55,000 Office equipment 650,000 Accumulated depreciation 270,000 Accounts payable 80,000 Notes payable (due in six months) 75,000 Salaries payable 7,900 Interest payable 2,500 Common stock 400,000 Retained earnings 170,000 Sales revenue 790,000 Cost of goods sold 474,000 Salaries expense 118,500 Rent expense 45,000 Depreciation expense 65,000 Interest expense 5,000 Advertising expense 6,000...

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...

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 55,000 Accounts receivable 275,000 Prepaid rent 7,500 Inventory 40,000 Office equipment 500,000 Accumulated depreciation—office equipment 210,000 Accounts payable 50,000 Note payable (due in six months) 30,000 Salaries payable 6,500 Interest payable 1,000 Common stock 400,000 Retained earnings 95,000 Sales revenue 650,000 Cost of goods sold 390,000 Salaries expense 97,500 Rent expense 22,500 Depreciation expense 50,000 Interest expense 2,000 Advertising expense...

Q2. The December 31 2015 adjusted TB for the Blueboy Cheese Corporation is presented below Debits...

Q2. The December 31 2015 adjusted TB for the Blueboy Cheese Corporation is presented below Debits Credits Cash 21,000 Account Receivable 300,000 Prepaid Rent 10,000 Inventory 50,000 Office equipment 600,00 Accumulated depreciation- office equipment 250,000 Account payable 60,000 Notes Payable (due within 6 months) 60,000 Salaries payable 8,000 Interest payable 2,000 Equity 400,000 Retained earnings 100,000 Sales Revenue 800,000 Cost of goods sold 480,000 Salaries Expense 120,000 Rent Expense 30,000 Depreciation Expense 60,000 Interest expense 4,000 Advertising Expense 5,000 1,680,000...

Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account...

Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account Title Debits Credits Cash and cash equivalents 42,000 Accounts receivable 219,000 Raw materials inventory 48,000 Notes receivable 127,000 Interest receivable 7,000 Interest payable 10,000 Investments 51,000 Land 160,000 Buildings 1,410,000 Accumulated depreciation—buildings 800,000 Work in process inventory 26,000 Finished goods inventory 86,000 Equipment 460,000 Accumulated depreciation—equipment 290,000 Franchise (net of amortization) 1,440,000 Prepaid insurance (for the next year) 72,000 Deferred revenue 72,000 Accounts payable...

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,400 Accounts Receivable 134,000 Prepaid Rent 4,400 Supplies 22,000 Equipment 240,000 ...

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 10,100 Accounts Receivable 131,000 Prepaid Rent 4,100 Supplies 20,500 Equipment 210,000 Accumulated Depreciation $ 116,000 Accounts Payable 10,100 Salaries Payable 9,100 Interest Payable 3,100 Notes Payable (due in two years) 21,000 Common Stock 110,000 Retained Earnings 41,000 Service Revenue 310,000 Salaries Expense 210,000 Rent Expense 10,500 Depreciation Expense 21,000 Interest Expense 3,100 Totals $ 620,300 $ 620,300 Exercise 3-16A...

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 12,500 Accounts receivable 170,000 Prepaid rent 7,000 Inventory 45,000 Equipment 500,000 Accumulated depreciation—equipment 145,000 Accounts payable 50,000 Notes payable—due in three months 50,000 Salaries payable 6,000 Interest payable 21,000 Common stock 300,000 Retained earnings 94,000 Dividends 18,000 Sales revenue 600,000 Costs of goods sold 280,000 Salaries expense 140,000 Rent expense 35,000 Depreciation expense 50,000 Interest expense 4,000 Advertising expense 4,500 Totals 1,266,000...

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 11,300 Accounts receivable 158,000 Prepaid rent 5,800 Inventory 33,000 Equipment 380,000 Accumulated depreciation—equipment 133,000 Accounts payable 38,000 Notes payable—due in three months 38,000 Salaries payable 4,800 Interest payable 13,100 Common stock 240,000 Retained earnings 67,600 Dividends 11,300 Sales revenue 480,000 Costs of goods sold 220,000 Salaries expense 128,000 Rent expense 23,000 Depreciation expense 38,000 Interest expense 2,800 Advertising expense 3,300 Totals 1,014,500...

Subjects