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 Part 1

Required:

1. Prepare an income statement for the year ended December 31, 2021.
2. Prepare a statement of stockholders' equity for the year ended December 31, 2021, assuming no common stock was issued during 2021.

3. Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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