The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
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The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: Debits $ 11,900 Credits 350,000 15,000 55,000 650,000 $ 270,000 80,000 75,000 7,900 2,500 400,000 170,000 790,000 474,000 118,500 45,000 65,000 5,000 6,000 $ 1,795,400 $ 1,795,400 Prepare an income statement for the year ended December 31, 2 BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold $ 790,000 (474,000) 316,000 Operating expenses: Salaries expense $ 118,500 Rent expense 45,000 Depreciation expense 65,000 Advertising expense 6,000 0 0 Total operating expenses 234,500 Operating income 81,500 Other expense: Interest expense Net income 5,000 76,500 Current assets Cash Accounts receivable Inventory Prepaid rent Total current assets Property and equipment: Office equipment Balance Sheet At December 31, 2024 Assets 11,900 350,000 55,000 15,000 431,900 $ 650,000 Less: Accumulated depreciation +(270,000) 380,000 Total assets $ 811,900 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Salaries payable Interest payable Notes payable Total current liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 80,000 7,900 2,500 75,000 0 165,400 $ 400,000 246,500 646,500 $ 811,900 .......: View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31, 2024 Sales revenue 790,000 Retained earnings 790,000 2 December 31, 2024 Retained earnings 713,500 Cost of goods sold Salaries expense Rent expense Depreciation expense 474,000 118,500 45,000 65,000 Advertising expense 6,000 Interest expense 5,000 < Req 1B Rec 200> The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: Debits $ 11,900 Credits 350,000 15,000 55,000 650,000 $ 270,000 80,000 75,000 7,900 2,500 400,000 170,000 790,000 474,000 118,500 45,000 65,000 5,000 6,000 $ 1,795,400 $ 1,795,400 Prepare an income statement for the year ended December 31, 2 BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2024 Sales revenue Cost of goods sold $ 790,000 (474,000) 316,000 Operating expenses: Salaries expense $ 118,500 Rent expense 45,000 Depreciation expense 65,000 Advertising expense 6,000 0 0 Total operating expenses 234,500 Operating income 81,500 Other expense: Interest expense Net income 5,000 76,500 Current assets Cash Accounts receivable Inventory Prepaid rent Total current assets Property and equipment: Office equipment Balance Sheet At December 31, 2024 Assets 11,900 350,000 55,000 15,000 431,900 $ 650,000 Less: Accumulated depreciation +(270,000) 380,000 Total assets $ 811,900 Liabilities and Shareholders' Equity Current liabilities: Accounts payable Salaries payable Interest payable Notes payable Total current liabilities Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 80,000 7,900 2,500 75,000 0 165,400 $ 400,000 246,500 646,500 $ 811,900 .......: View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31, 2024 Sales revenue 790,000 Retained earnings 790,000 2 December 31, 2024 Retained earnings 713,500 Cost of goods sold Salaries expense Rent expense Depreciation expense 474,000 118,500 45,000 65,000 Advertising expense 6,000 Interest expense 5,000 < Req 1B Rec 200>
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