The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits 60,400 265,000 6,500 38,000 40, 000 Credits Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock 202,000 46,000 24,000 6,300 800 400,000 85,000 630,000 Retained earnings Sales revenue Cost of goods sold Salaries expense 378,000 94,500 19,500 48,000 1,600 2,600 Rent expense Depreciation expense Interest expense Advertising expense Totals 1,394,100 1,394, 100 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 2. Prepare the necessary closing entries at December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. 7:27 Req 1A Reg 18 Req 2 Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit December 31, 2021 Sales revenue 630,000 Retained earmings 630,000 G December 31, 202 Retained earnings 544,200 O Advertising expense 2,600 O Depreciation expense 48.000 O Interest expense 1,600 O 378,000 O Cost of goods sold Salaries expense 94,500 Rent expense 19,500 ( Reg 18 80 24 DAI DO F5 76 3 4. 6, 84 CO Complete this question by entering your answers in the tabs below. Req 2 Req 1A Req 18 Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 6:50 BLUEBOY CHEESE CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash 60,400 Accounts receivable 265,000 Prepaid rent 6,500 Inventory 38,000 Total current assets 369,900 Office equipment O$ 480,000 O Less: Accumulated depreciation (202,000) 278,000 Total assets $ 647,900 Liabilities and Shareholders' Equity Current liabilities Accounts payable 46,000 Note payable 24,000 Salaries payable 6,300 Interest pavable 800 O Req 1A Req 18 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 Sales revenue 630,000 Cost of goods sold 378,000 Gross profit 252,000 Operating expenses Depreciation expense 48,000 Salaries expense 94,500 Rent expense 19,500 Advertising expense 2,600 Total operating expenses 164,600 Operating income 87,400 Interest expense 1,600 85,800 Net income Reg 1A Req 18 >
