1-a. Prepare an income statement for theyear ended December 31, 2021.1-b. Prepare a classified balance sheet as of December 31, 2021.

  

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The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits 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 Debits 49,200 295,000 9,500 44,000 540,000 414,000 103,500 28,500 54,000 226,000 58,000 42,000 6,900 1,400 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. 400,000 120,000 690,000 2,800 3,800 1,544,300 1,544,300 The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits 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 Debits 49,200 295,000 9,500 44,000 540,000 414,000 103,500 28,500 54,000 226,000 58,000 42,000 6,900 1,400 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. 400,000 120,000 690,000 2,800 3,800 1,544,300 1,544,300

Answer rating: 100% (QA)

Requirement 1A BLUEBOY CHEESE COPRORATION Income Statement For the Year Ended December 31 2021 Sales ... View the full answer