The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Account TitleDebitsCreditsCash$ 65,800 Accounts receivable255,000 Prepaid rent5,500 Inventory36,000 Office equipment460,000 Accumulated depreciation $ 194,000Accounts payable 42,000Notes payable (due in six months) 18,000Salaries payable 6,100Interest payable 600Common stock 400,000Retained earnings 75,000Sales revenue 610,000Cost of goods sold366,000 Salaries expense91,500 Rent expense16,500 Depreciation expense46,000 Interest expense1,200 Advertising expense2,200 Totals$ 1,345,700$ 1,345,700

Required:

1-a. Prepare an income statement for the year ended December 31, 2024.

1-b. Prepare a classified balance sheet as of December 31, 2024.

2. Prepare the necessary closing entries on December 31, 2024.

Prepare an income statement for the year ended December 31, 2024.

BLUEBOY CHEESE CORPORATIONIncome StatementFor the Year Ended December 31, 2024 Operating expenses: Total operating expenses Other expense