Question

In: Accounting

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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