The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title
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Question:
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Account Title | Debits | Credits | |
Cash | 65,800 | ||
Accounts receivable | 255,000 | ||
Prepaid rent | 5,500 | ||
Inventory | 36,000 | ||
Office equipment | 460,000 | ||
Accumulated depreciation | 194,000 | ||
Accounts payable | 42,000 | ||
Notes payable (due in six months) | 18,000 | ||
Salaries payable | 6,100 | ||
Interest payable | 600 | ||
Common stock | 400,000 | ||
Retained earnings | 75,000 | ||
Sales revenue | 610,000 | ||
Cost of goods sold | 366,000 | ||
Salaries expense | 91,500 | ||
Rent expense | 16,500 | ||
Depreciation expense | 46,000 | ||
Interest expense | 1,200 | ||
Advertising expense | 2,200 | ||
Totals | 1,345,700 | 1,345,700 | |
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.
Related Book For
Managerial Accounting for the Hospitality Industry
ISBN: 978-1119386223
2nd edition
Authors: Lea R. Dopson, David K. Hayes
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