The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title
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Question:
The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 41,500 | |
Accounts receivable | 305,000 | |
Prepaid rent | 10,500 | |
Inventory | 45,000 | |
Office equipment | 550,000 | |
Accumulated depreciation | $ 230,000 | |
Accounts payable | 62,000 | |
Notes payable (due in six months) | 45,000 | |
Salaries payable | 7,000 | |
Interest payable | 1,500 | |
Common stock | 400,000 | |
Retained earnings | 125,000 | |
Sales revenue | 700,000 | |
Cost of goods sold | 420,000 | |
Salaries expense | 105,000 | |
Rent expense | 31,500 | |
Depreciation expense | 55,000 | |
Interest expense | 3,000 | |
Advertising expense | 4,000 | |
Totals | $ 1,570,500 | $ 1,570,500 |
Required:
1-a.Create an income statement for the year ended December 31, 2024.
1-b.Create a classified balance sheet as of December 31, 2024.
2.Createthe necessary closing entries on December 31, 2024.
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