Question
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account TitleDebitsCreditsCash11,900Accounts receivable350,000Prepaid rent15,000Inventory55,000Office equipment650,000Accumulated depreciation270,000Accounts payable80,000Notes payable (due in
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Account TitleDebitsCreditsCash11,900Accounts receivable350,000Prepaid rent15,000Inventory55,000Office equipment650,000Accumulated depreciation270,000Accounts payable80,000Notes payable (due in six months)75,000Salaries payable7,900Interest payable2,500Common stock400,000Retained earnings170,000Sales revenue790,000Cost of goods sold474,000Salaries expense118,500Rent expense45,000Depreciation expense65,000Interest expense5,000Advertising expense6,000Totals1,795,4001,795,400
Required:
1 I need an income statement for the year ended December 31, 2021.
classified balance sheet as of December 31, 2021.
2.Prepare the necessary closing entries at December 31, 2021.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
