The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings $9,000; and common stock, $50,000 Prepare a 12/31/2021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.) BOWLER CORPORATION Balance Sheet At December 31, 2021 Assets $ $ 0 Liabilities and Shareholders' Equity d 0 ces 0 0 Saved Chapter 2 Homework Help Sa The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $220,000; dividends, $12,000, sales revenue, $850,000, cost of goods sold, $580,000, salaries expense, $180,000; rent expense, $40,000; and interest expense, $15,000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ped View transaction list Book Journal entry worksheet Terences 1 2 3 Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits Event General Journal Debit Credit Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Record the entry to close the expense accounts using the retained earnings account. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 21,680 300,000 10,000 50,000 600,000 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 250,000 60, eee 60,000 8,000 2,000 400, eee 100,000 800,000 10 ences 480,000 120,000 30,000 60,000 4,000 5,000 1,680,000 1,680,000 Required: 1-a. Prepare an income statement for the year ended December 31, 2021 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare an income statement for the year ended December 31, 2021. BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2021 0 BLUEBOY CHEESE CORPORATION Income Statement For the Year Ended December 31, 2021 0 BLUEBOY CHEESE CORPORATION Balance sheet At December 31, 2021 Assets 0 0 $ Liabilities and Shareholders' Equity Saved er 2 Homework Journal entry worksheet 1 2 Record the entry to close the expense accounts using the retained earnings account. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021